Citizens Bank parent (RBS) agrees to sell Asian assets for half a billion

RBS, (Royal Bank of Scotland, parent of Citizens Bank & ABN Amro) has finalized a deal worth $550m to sell its operations in six Asian countries to ANZ (the Australia and New Zealand Banking Group). The deal involves operations in Taiwan, Singapore, Indonesia, Hong Kong the Philippines and Vietnam.

The move is part of the drive by the bank that has been part-nationalized to slim down its balance sheet and focus on core markets. RBS will maintain operations in 11 markets in Asia.

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