New York, April 15: Troubled banking major Royal Bank of Scotland Group Plc, has short listed three bidders, including Standard Chartered Plc, for sale of its Asian retail and commercial banking assets, a media report says.
The Wall Street Journal quoting people familiar with the
situation stated that, "Royal Bank of Scotland Group Plc has
shortlisted three bidders for (sale of) its Asian retail and
commercial banking assets, expected to fetch up to USD 1.8
billion and help the winner bulk up across the region."
The three shortlisted banks are -- HSBC Holdings Plc,
Standard Chartered Plc, and Australia & New Zealand Banking
Group Ltd, the report said.
The shortlisted bidders would conduct due diligence on
the assets in the coming weeks before submitting binding
offers in May, the report stated citing a person familiar to
the situation.
Further, it stated that RBS and its adviser Morgan Stanley
are keeping the sale flexible to allow it to carve out certain
parts of the business if needed such as its Pakistan
operations, where local bidders could find the business more
attractive and offer a higher premium.
WSJ cited an RBS spokesperson as saying that the bank was
"in active discussions with potential buyers" of its retail
and commercial businesses in Asia Pacific, but the person
declined to comment further.
It further stated that analysts at Macquarie Group had
estimated the assets could be worth about USD 1.8 billion.
While, the timing and terms of the auction, as always,
could evolve as bidders go through due diligence and RBS`s
financial condition changes, it added.
The assets, which are in China, India, Taiwan, Indonesia
and elsewhere, are a portion of the Asian assets acquired by
RBS when it led a consortium to buy part of ABN Amro Holding
NV in 2007.
Bureau Report
