Royal Bank of Scotland (RBS) executives have remained silent on discussions to buy a substantial minority stake in Bank of China (BOC), despite widespread reports of an imminent announcement.
Instead, chief executive Fred Goodwin told jittery shareholders at yesterday's interim results briefing that RBS would not make acquisitions that do not meet established criteria, including affordability, strategic importance and risk profile.
'We don't want to buy things just for the sake of buying,' Sir Fred said in a telecast press conference.
'We need to buy things which are consistent with our strategic priorities. We need to be able to afford them.'
While he said Britain's second-largest bank was not seeking further acquisitions in Europe and the United States, Sir Fred reiterated that the bank saw possible joint-venture opportunities in Asia.
RBS, however, will not expand its appetite for risk.