RBS' Asian assets sale flops

Talks between Standard Chartered PLC and Royal Bank of Scotland Group PLC (RBS) for the sale of RBS' assets in India, China and Malaysia seem to have flopped due to disagreements in pricing, according to a report in the Wall Street Journal.

"Standard Chartered bank was willing to pay $200 million to $250 million for the assets, but they (RBS) were looking for much more," said an inside source. No amount was disclosed on what RBS was expecting.

The person said Standard Chartered had set a deadline of Friday for RBS to respond to its offer, which it had not done yet. He also said chances of the deal happening now were "non-existent." RBS' branch in India refused to comment.

The assets under discussion are part of a group of RBS' Asian businesses that were earmarked for disposal under the strategic plan of Chief Executive Stephen Hester. Many of the Asian businesses were acquired by RBS when it bought part of Dutch bank ABN Amro Holding NV in 2007, a top-of-the-market deal that helped drive RBS to the brink of insolvency.