Tuesday, March 20, 2012

RBS to cut about 70 jobs in Asia

SINGAPORE: The Royal Bank of Scotland (RBS) is looking to cut about 70 jobs in Asia, including some from Singapore.

In a statement released on Tuesday, RBS said it has been engaged in discussions with Malaysia's CIMB Group about the sale of its cash equities, corporate broking, equity capital markets and mergers and acquisitions businesses in Asia Pacific (APAC).

"It was our goal to sell all of these APAC businesses together. However for commercial reasons, we have agreed with CIMB that the cash equities, equities capital markets (ECM) and corporate finance businesses in Korea and cash equities in Indonesia and Singapore would not ultimately transfer as part of the sale," the spokesman said.

"We have therefore made the decision to initiate steps to wind down these businesses commencing today which will impact around 70 people," the spokesman added.

RBS said it will continue to maintain its leading position across international debt financing, transaction services and risk management in all 11 Asia Pacific countries where it operates.

RBS has halved the size of its investment bank as part of a major retreat since its 2008 taxpayer bailout.

Lower profitability and pressures from the British government has forced the bank to extend its retreat further.

- CNA/fa

View the original article here

Source From Channel News Asia

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