DBS, South Africa's FirstRand in the running for RBS India unit

Hong Kong

SINGAPORE'S biggest lender DBS Group Holdings and South African banking group FirstRand are in separate talks to buy Royal Bank of Scotland Group plc's (RBS) India unit, people with direct knowledge of the matter told Reuters. Financial details of the transaction were not immediately clear, though one of the people said the deal could fetch about US$200 million.

An Indian private sector lender is also likely to bid for the unit, another source said. The sources declined to be named as the talks are not yet public.