Royal Bank of Scotland
is in talks to sell its retail and commercial assets in Asia to
Australia & New Zealand Banking Group
for about 1 billion pounds ($1.42 billion), the
Wall Street Journal
reports, citing a person close to the situation.
The sale of the assets -- in India, Taiwan, Indonesia and elsewhere -- is part of a new initiative to sell noncore assets and sharply narrow the banking giant's global ambitions, the
The assets are a portion of the Asian assets acquired by RBS when it led a consortium to buy part of
in 2007. At the time, RBS paid 10 billion pounds for its part of ABN, which included the Asian businesses and wholesale-banking operations in Europe.
The talks indicate that RBS CEO Stephen Hester is moving ahead quickly with plans announced last week to identify and dispose of "noncore" businesses, according to the
Last week, the troubled U.K. lender reported it swung to a loss of 24.1 billion pounds ($34.3 billion) in 2008 after booking massive writedowns in the period and impairment charges of 8.1 billion pounds. The 2008 loss is the largest in U.K. corporate history.
This article was written by a staff member of TheStreet.com.