Talks on to sell assets of ABN Amro Bank: RBS

RBS is talking for selling retail and banking ops of ABN Amro Bank in the country.

Royal Bank of Scotland is talking to bidders for selling the retail and commercial banking operations of ABN Amro Bank in the country,amid reports that talks with Standard Chartered Bank failed over valuation of the assets.

“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 a spokesperson of ABN Amro Bank,which was acquired by RBS in 2007.

Besides Standard Chartered Bank,London-based HSBC and Australia-based ANZ Bank had expressed interest in buying ABN Amro’s assets.

Story continues below this ad

Following the acquisition of ABN Amro Bank,RBS had decided to sell the retail and commercial operations in Asia.

ABN Amro,according to RBI data on comparative performance of banks,did not do well on various parameters as compared to other major foreign banks operating in India.

Attributing poor performance to extraneous factors,ABN Amro Bank said,”As experienced across the banking sector in India,the profitability of our consumer finance business during 2008 was adversely impacted by extremely challenging market conditions”.