The Royal Bank Of Scotland (RBS.LN) will close its equity
capital market and corporate finance units in South Korea and its
cash equities businesses in Singapore, Korea and Indonesia, Reuters
reported Tuesday, citing an internal memo.
The memo cites a decision to enter talks with Malaysia's CIMB
Group Holdings Bhd. (1023.KU) to acquire some of its investment
banking and equities businesses in Asia, the report said. The units
that RBS has decided to close aren't part of the sale, it
added.
"We have agreed with CIMB that the cash equities, ECM and
corporate finance businesses in Korea and cash equities in
Indonesia and Singapore will not ultimately transfer as part of the
sale," the memo read, according to Reuters.
"We have therefore made the decision to initiate steps to wind
down these businesses."
Reuters said RBS officials weren't immediately available for
comment.
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