Royal Bank of Scotland (RBS) has announced it will sell the Australian and New Zealand operations it acquired with ABN Amro last year.
The bank has already puts is UK insurance business up for sale to raise cash, but has suffered from problems with bidders pulling out.
RBS has already raised £12bn from shareholders in the UK’s biggest ever rights issue and is now seeking to further bolster its finances by selling parts of ABN Amro.
National Australia Bank has registered an interest in buying the investment and corporate banking units, though it says the deal would be subject to due diligence and regulatory approval.
RBS is also attempting to sell its Direct Line and Churchill insurance businesses, but the lack of debt available to purchase the firms has made bidders wary, with Zurich Financial Services pulling out of the bidding race yesterday.
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