Aug. 24 (Bloomberg) -- Royal Bank of Scotland Group Plc, the biggest bank owned by the U.K. government, may sell its units in India and China to Standard Chartered Plc as soon as next month, a person familiar with the situation said.
The retail and commercial banking assets are valued at $300 million to $400 million, said the person, who declined to be identified because the talks are confidential. An official at Standard Chartered in London declined to comment.
“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 Fiona MacRae, an Edinburgh-based spokeswoman for RBS.
The sale of RBS’s assets in China has faltered and has a 30 percent chance of success because more of the RBS customers than Standard Chartered expected are locked into specific products, making it harder to shift them to alternatives, the Financial Times reported today.
RBS is reducing its presence or withdrawing from two thirds of the 54 countries in which it does business after posting the biggest loss in U.K. corporate history last year and receiving government funding.
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