Royal Bank of Scotland is looking to put most of its Asian corporate banking business up for sale, according to a person with knowledge of the discussions.
Bloomberg News reports that Chief Executive Officer Ross McEwan, 57, was scheduled to hold a series of meetings in Singapore to consider ways to scale back the lender’s Asian business, said the person, who asked not to be identified because the meetings are private.
'This is consistent with their strategic plan to scale back a number of geographies in which they operate', said Joseph Dickerson, an analyst at Jefferies in London, with a buy rating on the stock. 'Outside of the U.K., the company will continue to operate in some markets where it feels like it can generate appropriate returns and isn’t too much of a distraction for management'.
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