London/Hong Kong: The UK’s biggest government-controlled bank, Royal Bank of Scotland Group Plc (RBS) said it was still talking to possible buyers for some of its units in Asia after negotiations with Standard Chartered Plc (StanChart) broke down.
“We are in discussions with a number of potential bidders for the remaining assets we are selling in Asia and expect to make further announcements in due course,” RBS said in an emailed statement on Monday. A spokesman declined to identify the other parties.
Talks to sell RBS’ assets in Malaysia, China and India broke down last week, three people familiar with the discussions said. StanChart, the UK bank that earns almost all its income in emerging markets, valued the assets at $250 million (Rs1,188 crore), less than RBS’ asking price, said two of the people, who declined to be identified because the talks were private.
RBS is selling or shutting businesses in two-thirds of the 54 countries in which it operates after posting the biggest loss in British corporate history last year. Australia and New Zealand Banking Group Ltd had agreed to pay $550 million for the RBS businesses in Singapore, Taiwan, Indonesia, Hong Kong, the Philippines and Vietnam in August.
A spokesman for StanChart declined to comment. The Wall Street Journal had reported the breakdown in the talks with StanChart earlier.
Ambereen Choudhury in London contributed to this story.