RBS sells Asian banking operations

4th Aug 2009 07:03

RBS has confirmed that it will sell its banking operations in six Asian countries to Australia's ANZ Group for $418m.It will sell its retail and commercial banking operations in Taiwan, Hong Kong, Singapore and Indonesia and its onshore global banking and markets and global transaction services operations in the Philippines, Vietnam and Taiwan.RBS announced in February that it was to dispose of its Retail & Commercial businesses across Asia and exit its wholesale banking businesses in Vietnam, the Philippines, Taiwan and Pakistan following a strategic review.It says it remains in discussions with bidders for the remaining assets it has decided to sell in Asia.It still has a wholesale banking presence in 11 markets across Asia and RBS Coutts, its international wealth management business, remains headquartered in Singapore.RBS is due to release its interim results on Friday.