Standard Chartered is looking to sell US$4.4 billion of assets in Asia as it struggles to deal with record impairments, Bloomberg reports. Included in the assets going on the block are US$1.4 billion of stressed Indian loans. In February the London-based bank reported its first loss since 1989, as loan impairments rose to the highest level in the bank's history. Royal Bank of Scotland is to close its banking operations in India, having given up on efforts to find a buyer amid concerns about an extended regulatory approval process for a deal, reports the Financial Times. After selling some non-core assets, RBS began seeking buyers for the remainder of its India operation business in 2015 and drew interest from local lender IDFC and Singapore's DBS. However, regulatory and timing concerns have led RBS to conclude it would be better to close the operations and avoid the risk of mounting costs, the FT reports, citing "people close to the situation". The Bank of Tianjin, which went public in Hong Kong on 30 March, and counts ANZ as its second largest shareholder (with 12 per cent), said police were investigating a "risk event" at one of its branches in Shanghai. Some 786 million yuan worth of bills of exchange have gone missing, the Chinese news service Caixin Online reports.  Investigators have found that the lost bills were sold through a bills agency to Zhejiang Chouzhou Commercial Bank. Trading in these liquid short-term financing tools has taken off, in both volume and number of firms that act as go-betweens linking buyers and sellers of the bills, which has made supervision more difficult. The Bank of Italy is investigating the Italian offices of Bank of China, a Chinese state-owned bank facing accusations of aiding illicit money flows from Italy to China, reports Yahoo Business News, citing a Reuters report. Italian prosecutors are seeking to bring almost 300 people, mostly Chinese, as well as the Milan branch of Bank of China, to trial on charges of allegedly smuggling more than €4.5 billion into China between 2006 and 2010. Part of the examination, code named 'River of Money', focuses on the relationship between Bank of China and money transfer operator Money2Money, which once dominated the market for Chinese remittances from Italy.