HSBC re-enters negotiations to acquire Asian assets of RBS and ING: report

After relocating the principal office of the group chief executive to Hong Kong last month to focus in emerging markets of Asia, British banking giant HSBC Holdings Plc, (See: HSBC relocates CEO's office to Hong Kong) has again re-entered negotiations to acquire the Asian assets of RBS as well as ING.

In its bid to expand and consolidate its business in the Asian region, which it regards as the driver of future growth, Europe's largest bank and the largest international bank in the region, is in advanced talks separately to acquire the Asian assets of the Netherlands-based ING Group and Edinburgh-based Royal Bank of Scotland (RBS), said the Financial Times today.

HSBC, which emerged unscathed from the global financial crisis and the Singapore bank OCBC are the strongest contenders for the Asian assets of ING, which is valued at approximately $1.5 billion. The London-based paper said the deal is expected to be finalised later this month, citing people familiar with the matter.

In Asia, ING's private banking operations cover the Philippines, Thailand, and Indonesia, as well as China, Hong Kong, and Taiwan.

 HSBC was rumoured to have made a bid of about $1.63 billion ING's private banking businesses in Asia last month. (See: HSBC scouts for ING's Asian assets: report)

Separately, HSBC has also re-emerged to bid for the Asian retail and commercial assets of the RBS operations in China, India and Malaysia, after the exclusive talks from August between Standard Chartered and RBS seem to have been caught in a pricing log-jam.