HSBC eyes RBS assets in Asia

7th Oct 2009 11:41

HSBC is reportedly close to buying the retail and commercial banking assets of Royal Bank of Scotland Group in China, India, and Malaysia after ongoing talks between the bank and Standard Chartered stalled.RBS had been in exclusive talks with Standard for some weeks, but according to the Wall Street Journal these have run into problems over the price, which has allowed HSBC to move into pole position."RBS is in ongoing discussions with bidders for the remaining assets it has decided to sell in Asia and will make further announcements, as appropriate, in due course," said RBS spokeswoman Yuk Min Hui in a statement.RBS sold its retail and commercial businesses in Singapore, Taiwan, Indonesia, Hong Kong, the Philippines and Vietnam to ANZ bank for $550m in August. Pakistan's MCB Bank paid $87m for RBS's Pakistan operations.