StanChart ends talks with RBS
AN ATTEMPT by Asia-focused bank Standard Chartered to snap up assets from stricken Royal Bank of Scotland (RBS) has failed, City PM can confirm.
Talks between the banks over the sale of around $200m (£126m) of RBS assets in China, India and Malaysia have collapsed after the pair failed to agree on a price.
RBS chief executive Stephen Hester had wanted a larger sum for the assets, but the talks failed after Standard Chartered boss Peter Sands refused to increase his offer.
Industry sources have long said the sales could prove complex, with the key risks including corporate customer defections, slowing growth in Asia and unpredictable regulation.
“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,” RBS said in a statement.
RBS is looking to sell the Asian assets as it focuses on its core markets after it was bailed out by the UK government a year ago this week.
In August, RBS struck a deal to sell banking assets in Asian markets including Hong Kong, Singapore and Taiwan to Australia and New Zealand Banking Group.