RBS closer to Asian exit
ROYAL Bank of Scotland is nearing a £200m deal to sell off its remaining Asian assets, as chief executive Stephen Hester continues his efforts to streamline the lender.
The bank is to sell its retail and commercial banking businesses in India, China and Malaysia to emerging markets-focused bank Standard Chartered, sources said yesterday.
The deal would complete the bank’s strategy of exiting its Asian operations, after it sold businesses in Hong Kong, Singapore and Taiwan to Australia and New Zealand Banking Group last month for £325m.
HSBC has also been pondering a bid, but Standard Chartered is understood to be leading the race.
RBS is selling off assets to bolster its capital base but is still expected to see the government’s stake rise from 70 per cent to 82 per cent, once the bank insures £317bn of assets under the Asset Protection Scheme.