ANZ prepares to bid for RBS's Asian business -paper | business | Hindustan Times
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ANZ prepares to bid for RBS's Asian business -paper

business Updated: Feb 28, 2009 13:21 IST

Australia and New Zealand Banking Group, the fourth-largest Australian bank, is preparing to bid for the Asian business of the troubled Royal Bank of Scotland Group, the South China Morning Post reported on Saturday.

The Hong Kong-based English newspaper quoted unidentified sources as saying that ANZ could spend as much as $3 billion to buy the assets, which would include RBS's Hong Kong and mainland businesses.

The report comes after RBS this week reported the biggest annual loss in British corporate history and as the bank accepted a further 13 billion pounds ($18.6 billion) in emergency funding from the British government.

ANZ has hired Credit Suisse to advise on the deal, the report said. Credit Suisse declined to comment.

The report said Standard Chartered might also be interested in some of the RBS operations.