rbs-slows-pace-of-asia-sale

RBS slows pace of Asia sale

The UK bank benefits from trading profits in the first quarter, but cautions that a sale of its Asia franchise could take longer than originally forecast.

The Royal Bank of Scotland contained its first-quarter losses to 857 million $1.3 billion courtesy of a strong showing in global banking and markets, but the bank cautions that times remain tough. It also said that the plan to sell its retail and commercial banking business in Asia is progressing, albeit slowly.

RBS's total income rose to 9.7 billion, up 26% on the same quarter of 2008, which the bank said reflected a strong performance for global banking and markets GBM across divisions, with rates, currencies and commodities particularly buoyant. RBS noted that it had moved to the number four position globally in Euromoney's foreign exchange poll, from number five earlier.

However, ...

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