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RBS To Close Some Asian Units; Sacks 70: Reports

3/20/2012 8:06 AM ET

Royal Bank of Scotland Group Plc (RBS.L,RBS: Quote) is reportedly to shut down certain operations in South Korea, Indonesia and Singapore after failing to find a buyer for the businesses, thereby affecting 70 people as part of moves to cut the size of its investment bank. The U.K. lender would begin closing the cash equities, equity capital markets and corporate finance units in Korea, as well as the cash equities operations in Indonesia and Singapore, Yuk Min Hui, according to the media reports.

Reports also added that RBS would continue to operate its debt financing, transaction services and risk-management businesses in Korea, Indonesia, Singapore and eight other Asia-Pacific countries. In January, RBS said it would axe about 3,500 jobs over three years, split between its UK and non-UK locations.

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by RTT Staff Writer

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