British banking entity Royal Bank of Scotland (RBS) today said it is in advanced discussions with bidders for selling its retail and commercial banking businesses in certain Asian markets.

RBS is looking at selling its retail and commercial banking assets in India, Pakistan, China and Malaysia.

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The company also said that it would sell certain business in Asia to Australia-based ANZ for about $550 million.

ANZ would acquire Royal Bank of Scotland's retail, wealth and commercial businesses in Taiwan, Singapore, Indonesia and Hong Kong.

Further, the entity would buyout the institutional businesses of RBS in Taiwan, the Philippines and Vietnam, ANZ said in a separate statement.

In February this year, RBS said it would review options for the future ownership of Asia retail and commercial banking business in India, Pakistan, China, Taiwan, Hong Kong, Indonesia, Malaysia and Singapore.

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