Royal Bank of Scotland Group (RBS) is set to put most of its Asian corporate banking business up for sale in a bid to boost capital.
Chief executive officer Ross McEwan is set to discuss on ideas so as to cut down the bank’s operations in Asia, Bloomberg reported citing an unidentified person.
The sale is expected to affect RBS’ 2,000 employees in the Asia-Pacific region, according to media reports.
A person familiar with the matter told Bloomberg that RBS is expected to retain some operations in Singapore.
British banking and insurance holding company RBS Group is based in Edinburgh, Scotland and operates a wide variety of banking brands offering personal and business banking, private banking, insurance and corporate finance through its offices located in Europe, North America and Asia.
RBS’ main subsidiary companies in the UK and Ireland are The Royal Bank of Scotland, National Westminster Bank, Ulster Bank, Drummonds Bank, and Coutts.
Image: RBS office in Fleet Street, London. Photo: courtesy of Astrotrain