Royal Bank of Scotland to break up Asian business: reportJune 21st, 2009 - 4:45 pm ICT by IANS
London, June 21 (IANS) The Royal Bank of Scotland is to break up its Asian business, including that in India, after running into trouble with an attempted auction of the 600-million-pound (Rs.4,760-crore/$990-million) operation, a newspaper reported Sunday.
The Sunday Times said the troubled bank, one of the largest in Britain in terms of market capitalisation, had run into a string of regulatory hurdles that had derailed efforts to package together its operations in China, India and southeast Asia into one saleable business.
It said three shortlisted bidders - Australia and New Zealand Banking Group, HSBC and Standard Chartered - are now said to be more interested in cherry-picking individual operations rather than buying the business as a whole.
The sale, one of the first in RBS’s plans to dispose of assets, was initially expected to have raised nearly two billion pounds ($3.3 billion or Rs.15,900 crore), but the sum has now been dropped, the paper said.
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