KUALA LUMPUR: CIMB Group Holdings Bhd is in talks to buy the Asian equities and investment banking units of Royal Bank of Scotland Group plc, two sources with direct knowledge of the matter said yesterday.
"Negotiations are ongoing but nothing is confirmed," one of the sources told Reuters. The other source confirmed that CIMB was in talks with RBS but did not know whether the negotiation was exclusive.
The Financial Times reported on February 8 that CIMB and China International Capital Corp are the remaining bidders in the running to buy RBS' Asian equities, mergers and acquisitions and research businesses.
Meanwhile, RBS has formed a new London-based team focusing on helping European and Chinese companies tap into each other's markets, as Britain aims to boost London's role as a key offshore trading hub for China's yuan currency.
RBS said in London yesterday that Janet Ming will head up its new China desk and will relocate from Shanghai to London
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The Royal Bank of Scotland PLC hit the jackpot when it sold its aviation business for a nice $7.3 billion last month, but its Asian investment banking business isn’t proving as much of a hit.
ReplyDeleteAs the WSJ reports Wednesday, RBS, which is busy selling off noncore assets as part of its government bailout terms, is in talks with two remaining bidders for its Asian assets, one of which is Malaysia’s CIMB Group Holdings Bhd. CIMB is looking at RBS’s cash equities and mergers-and-acquisitions advisory operations.structured settlement cash