BankAmerica Corp. has reached a tentative agreement to sell its Asian consumer banking operations in India, Taiwan, and Singapore to Amsterdam-based ABN Amro NV, according to Indian press reports.
A BankAmerica spokesman would not confirm or deny the report. Officials at ABN Amro were unavailable for comment.
The report, carried by the Economic Times of India newspaper earlier this week, said BankAmerica had informed the Reserve Bank of India about the intended sale.
The Indian newspaper estimated that the Dutch bank would pay about $200 million for five branches in India and an unspecified amount for BankAmerica's network in Taiwan and Singapore.
BankAmerica decided in November to sell off its Asian retail network outside Hong Kong and Macao but had said it intended to keep its corporate banking operations in Asia up and running.