Royal Bank of Scotland (RBS) is planning to close its mergers and acquisitions (M&A) business following an unsuccessful attempt to dispose of the division.
Supervised by John McIntyre, the M&A business was primarily concentrated to serve the clients in the UK, continental Europe and the Middle East.
The decision to wind down the aforesaid business operations comes after McIntyre failed to attract potential buyers amid tough market conditions and shrinking investment banking operations, as reported by the Financial Times.
The indented business sale was a part of the part-nationalized UK bank’s global restructuring strategy to reduce operational cost and rationalize the business.
Sources close to the matter were also reported by the news agency as saying that McIntyre will step down from his post following the closure of the M&A business.
The UK lender has already disposed of or shut down many other business operations such as global cash equities, corporate broking, equity capital markets and research to concentrate on domestic front and get rid of unprofitable operations.