RBS opens new Asia sale talks

Royal Bank of Scotland has switched its attention to Commonwealth Bank of Australia in its search for a buyer for ABN Amro's investment banking and corporate finance business in Asia.

Discussions with National Australia Bank ended yesterday. Commonwealth Bank said its talks were exclusive but details of any deal were incomplete.

The sale is part of RBS's drive to shed assets, many of which it picked up after the 72 billion (£57.1 billion) takeover of ABN led by the British bank with Fortis and Banco Santander.

RBS last month sold its train-leasing unit for £3.6 billion to a group led by Aussie investment firm Babcock & Brown, and is looking for £7.5 billion for its insurance unit after Zurich Financial Services withdrew from the auction earlier this month.

RBS pulled off Europe's biggest-ever rights issue last month, raising £12.3 billion, but is still looking for assets sales of £4 billion.