Standard Chartered in race to buy RBS' India operations

London-based Standard Chartered Bank has submitted its expression of interest to buy the retail and commercial banking assets of the Royal Bank of Scotland in Asia, which includes the Indian operations.

''We have expressed interest for RBS Asia,'' said Jaspal Bindra, chief executive officer (Asia) of Standard Chartered told reporters in New Delhi yesterday. ''As far as we know, we are still bidders. But it is a long way before we get close to any decision,'' he said.

Jaspal BindraEdinburgh-based RBS is present in India through 31 branches and has 10,000 employees following the acquisition of the Asian operations of ABN Amro Bank in 2007. (See: Royal Bank of Scotland- Fortis- Santander consortium acquires ABN Amro in world's biggest banking takeover) 

Earlier RBS CEO Stephen Hester said in the statement that the management has set a new strategy for RBS to restore the bank to standalone strength as soon as practicable. (See: RBS to shed 9,000 jobs as part of restructuring process).

The restructuring is part of RBS' plan to reduce annual cost by $3.7 billion in the next three years.

RBS recorded its biggest annual loss of 24 billion pounds in 2008 citing write-downs related to its acquisition of ABN Amro as the chief reason.