DBS Group Holdings, Southeast Asia’s biggest bank, said it will take over Royal Bank of Scotland Group Plc.’s retail and commercial banking businesses in China.
RBS will transfer close to 25,000 clients in Shanghai, Beijing and Shenzhen to DBS China, Singapore-based DBS said in a statement on its website today. No amount was disclosed for the transaction, which is expected to be completed within six months.
DBS Bank and RBS today entered into an agreement to transfer RBS’ retail and commercial banking customer base, business portfolios and related employees in Shanghai, Beijing and Shenzhen to DBS China.
With this strategic agreement, DBS says close to 25,000 retail and commercial banking RBS customers in Shanghai, Beijing and Shenzhen will be given the option to transfer their existing accounts and deposits to DBS China.
Aberdeen Asset Management Plc, Scotland’s largest money manager, is in talks to acquire Royal Bank of Scotland Group Plc’s fund management division, said two people familiar with the discussions.
Aberdeen may buy the unit for as much as 100 million pounds ($227 million) as soon as this month, said one of the people, who declined to be identified because the talks are private. The purchase would add as much as $45 billion of assets under management to the US$237 billion ($331 billion) Aberdeen already oversees.
