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StumbleuponAs shares slip for Australia & New Zealand Banking Group LTD, officials are hoping to cash in on growth in the Asian markets.
ANZ is in talks with Royal Bank of Scotland Group to buy up its retail and commercial units in Hong Kong, Taiwan, Singapore, Vietnam and Indonesia. RBS also has business in China, India and Malaysia, with all available assets valued at $1.5 billion.
RBS, which recently asked for a government bailout, is facing its largest loss in British history. As a result the company is cutting its international business, reducing operations in 36 countries.
ANZ already has a bigger stake in the Asian market then its Australian rivals. But these new talks come as ANZ is also feeling the squeeze on its operations. The company's shares have slipped 1.4% to A$16.26 and the bank cut its dividends for the first time since 1991.
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