StanChart may buy RBS' Asia biz

StanChart’s pursuit of the units comes as RBS tries to wrap up the sale of its retail and commercial banking divisions in Asia. ANZ, Australia’s fourth-largest lender, is also considered a leading contender for some of RBS’ Asian assets.

The initial plan was to sell the entire group to one buyer for at least $2 billion. But that effort failed, and the process is now focused on selling various parts to separate buyers, sources involved with the process say.

The sale is vital for RBS to shore up its balance-sheet after it was bailed out by the British government, which owns 70 per cent of the banking group. RBS seeks to exit from or shrink its operations in up to 36 other countries.