Britain's Royal Bank of Scotland (RBS) negotiate their eventual withdrawal from Asia, reports Financial Times. The move is part of the strategy of the government-controlled financial institution to part with most of its operations in investment banking outside the UK.
The aim of the CEO Ross Makevan to shrink overseas operations of the bank to less than a quarter of its assets as part of a drastic restructuring plan, which began a few months after she took office in October 2013
When visiting Asian subsidiary banks last week Makevan held meetings in Singapore, which have been discussed ideas to withdraw from the region, the newspaper, noting that they first communicated the agency Bloomberg. At RBS declined to comment on the topic.
The bank has around 2,000 employees in Asia, primarily for large corporate clients, which offers services in exchange, trading commodities, financial consulting, operations debt markets and others.
Talks about a possible withdrawal from Asia come just a month after it became clear that RBS intends to close the unit for trading fixed income in Japan after six consecutive years of reported losses in the country.