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HSBC eyes RBS’ Asian assets
HSBC is in advanced discussions to buy the retail and commercial banking assets of Royal Bank of Scotland Group PLC in China, India, and Malaysia, according to a person familiar with the situation as reported in Wall Street Journal. The move is part of HSBC’s drive to expand its reach in Asian banking markets.
The emergence of HSBC as the leading bidder comes after exclusive talks between RBS and Standard Chartered PLC over those assets have stalled over price, the person said. It's not clear that Standard Chartered is out of the race completely, but its bid appears to have lost momentum.
HSBC is making a push to extend its reach further in Asia's relatively healthy banking markets. It is competing with Singapore's DBS Group Holdings Ltd. to buy the Asian private banking assets of ING Groep NV for around $1.5 billion in a contest that could be decided later this month. Last month, HSBC said it will return the principal office of the group chief executive to Hong Kong, a small but symbolic gesture to China, where it hopes to list its shares.
"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.
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