HSBC eyes RBS assets in Asia

Oct. 8, 2009 (China Knowledge) - HSBC Holdings Plc<0005><HBC> is now the leading bidder for the Chinese, Indian and Malaysian retail and commercial banking assets of Royal Bank of Scotland Group Plc, the Wall Street Journal reported, citing a person familiar with the situation as saying.

The assets are worth upwards of US$200 million, according to the source.

HSBC and other banks re-entered talks after Standard Chartered's bid for the assets expired.

The British lender has already sold assets in Taiwan, Singapore, Indonesia, the Philippines, Vietnam and Hong Kong to Australia & New Zealand Banking Group Ltd. Having been hit hard by the global financial crisis, RBS is exiting its non-core operations in the wake of a government bailout.

Yuk Min Hui, a spokesperson for RBS, said the firm will make further announcements as appropriate.

Representatives for HSBC and Standard Chartered declined to comment.