StanChart ends talks with RBS

AN ATTEMPT by Asia-focused bank Standard Chartered to snap up assets from stricken Royal Bank of Scotland (RBS) has failed, City A.M. can confirm.<br /><br />Talks between the banks over the sale of around $200m (&pound;126m) of RBS assets in China, India and Malaysia have collapsed after the pair failed to agree on a price.<br /><br />RBS chief executive Stephen Hester had wanted a larger sum for the assets, but the talks failed after Standard Chartered boss Peter Sands refused to increase his offer.<br /><br />Industry sources have long said the sales could prove complex, with the key risks including corporate customer defections, slowing growth in Asia and unpredictable regulation.<br /><br />&ldquo;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,&rdquo; RBS said in a statement.<br /><br />RBS is looking to sell the Asian assets as it focuses on its core markets after it was bailed out by the UK government a year ago this week. <br /><br />In August, RBS struck a deal to sell banking assets in Asian markets including Hong Kong, Singapore and Taiwan to Australia and New Zealand Banking Group.