ANZ a chance for RBS' China assets

The Australian bank is known to be keen to accelerate its expansion in China where it already has established banking businesses in Shanghai, Beijing and Guangzhou. It opened its first rural branch in western China just over a week ago.

ANZ examined the RBS Chinese operations when the majority of the bank's assets in Asia were put up for sale several months ago. But it chose instead to bid for its Taiwanese, Hong Kong, Singaporean, Indonesian, Philippine and Vietnamese businesses. ANZ sealed their acquisition for $687 million two months ago.

Standard Chartered was always considered the front runner for the Chinese, Indian and Malaysian retail and commercial operations that RBS was attempting to sell. However, in recent weeks, concerns have emerged about the price put on them by the British lender a factor leading to Standard Chartered pulling out.

"At the end of the day we simply couldn't agree on a price," a source close to the negotiations told AP.

Standard Chartered is thought to have offered between $US200 million ($A230 million) and $US250 million but RBS wanted more.

ANZ will also be reluctant to over-pay for the Chinese operations. It is understood not to want either the Indian or Malaysian businesses. With AP