RBS plans to sell Asia ABN Units

Royal Bank of Scotland Group Plc led by Stephen Hester is seeking to sell all or part of the operations it acquired when it bought ABN Amro Holding NV in 2007 for 10 billion pounds ($14.2 billion). However, the bank desired to keep licenses and a wholesale banking foothold in such financial centers as Hong Kong, Singapore, Japan and India. The bank also aims at selling its Midwest U.S. commercial banking business, but keeping retail banking operations on the U.S. East Coast. 

RBS has approached Standard Chartered Plc and Australia & New Zealand Banking Group Ltd. with the offer of buying the Asian operations, including assets in India. Restrictions on opening branches in the country make its Indian business the most desirable asset.

Goodwin had purchased ABN Amro’s investment banking and Asian assets for 14.3 billion-euro ($18 billion) three months before the global credit crisis began. Goodwin was replaced in October after the government agreed to take control. The lender had taken over more than $140 billion worth assets during the past decade in the U.S., Asia and Europe, including ABN Amro in 2007; a 5 percent stake in Bank of China Ltd. in 2005; and Cleveland-based Charter One in 2004. Bank of China has already been sold last month for $2.3 billion.