Bidders watch closely for Australian RBS deal
(13 January 2012 – Australia) Upon the Royal Bank of Scotland (RBS)’s announcement it would be reviewing its global banking and markets divisions, at least two of Australia’s banks have expressed interest in bidding for parts of the unit.
The local unit could be sold separately or as part of the regional equities' business if an interested bidder emerges, said the sources, who declined to be named as they are not authorised to speak to the media.
ANZ and Commonwealth Bank of Australia (CBA) have sought more details but have not yet indicated whether they would bid, the sources said.
The result of RBS’s review could lead to up to 4000 investment banking job cuts, the sale of some businesses and a scale back across other units.
A first round of bids is due as early as today for the equities and investment banking business of RBS. Another source said RBS wanted to wrap up the process by the end of the month.
Japan's Mizuho Financial, Britain's Oriel Securities and Bank of China are among those casting an eye on Royal Bank of Scotland's equities business.
ANZ, looking to turn itself into a regional Asian lender on the lines of HSBC, typically looks at most opportunities to expand wealth management, transaction services and trade flows. However, it has done few acquisitions and instead grown organically.
CBA, which has a full-fledged equities offering through Commonwealth Securities could be looking at the RBS business to expand given acquisitions are hard to come by in the concentrated Australian financial services sector.
Spokesmen for ANZ and CBA declined to comment.
ANZ and Commonwealth Bank of Australia (CBA) have sought more details but have not yet indicated whether they would bid, the sources said.
The result of RBS’s review could lead to up to 4000 investment banking job cuts, the sale of some businesses and a scale back across other units.
A first round of bids is due as early as today for the equities and investment banking business of RBS. Another source said RBS wanted to wrap up the process by the end of the month.
Japan's Mizuho Financial, Britain's Oriel Securities and Bank of China are among those casting an eye on Royal Bank of Scotland's equities business.
ANZ, looking to turn itself into a regional Asian lender on the lines of HSBC, typically looks at most opportunities to expand wealth management, transaction services and trade flows. However, it has done few acquisitions and instead grown organically.
CBA, which has a full-fledged equities offering through Commonwealth Securities could be looking at the RBS business to expand given acquisitions are hard to come by in the concentrated Australian financial services sector.
Spokesmen for ANZ and CBA declined to comment.
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