Royal Bank of Scotland (RBS), the beneficiary of the biggest banking bailout out in world history, is to sell some of its Asia-Pacific businesses to fast growing Malaysian outfit CIMB.
CIMB is to scoop up RBS's cash equities business in Australia, China, Hong Kong, India and Taiwan, plus the sales desks for those markets based in the US and UK.
The 83% state owned bank is also flogging its Equity Capital Markets and M&A businesses in Australia and China, Hong Kong, India, Indonesia, Malaysia, Singapore, Taiwan and Thailand.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
CIMB will pay around £75m in a deal that RBS says will mitigate the shut-down costs it would have faced in the absence of an offer.
The move comes after RBS announced in January that it was to restructure its wholesale banking operations.
Shares in RBS had fallen 0.9% by 10:35am.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
