Royal Bank of Scotland (RBS) is closing its equity capital market and corporate finance units in South Korea and cash equities businesses in Indonesia, Korea and Singapore in the latest move to cut the size of its struggling investment bank.
The decision sheds light on the British lender's recent agreement with CIMB Group Holdings for the sale of Asian assets, signalling that Malaysia's second-biggest bank is eyeing RBS's Hong Kong, India and Australian businesses to boost its investment banking presence in Asia.
Tuesday, March 20, 2012
RBS shutting down some Asian units, 70 people hit
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