RBS to shut some businesses in Korea, Indonesia and Singapore

The UK bank's cash equities businesses in these three countries and the ECM and corporate finance operations in Korea will not be part of a potential sale to CIMB and will be wound down.
<div style="text-align: left;">
RBS: closing down businesses in Indonesia, Singapore and South Korea
</div>
<div style="text-align: left;"> RBS: closing down businesses in Indonesia, Singapore and South Korea </div>

While it is still in negotiations with CIMB about a sale of part of its wholesale businesses in Asia-Pacific, Royal Bank of Scotland yesterday told staff and clients that some of the businesses in question will not be included in a potential sale to the Malaysian bank and will be closed down.

Specifically, this refers to the cash equities, equity capital markets ECM and corporate finance divisions in South Korea, and the cash equities businesses in Indonesia and Singapore. About 70 people who currently work for these businesses will lose their jobs as the operations are wound down.

The closures will only affect businesses that RBS has...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222