Royal Bank of Scotland will outline plans Thursday to reduce the number of countries in which it operates by two-thirds to 13, a person with knowledge of the matter said.
Bloomberg News reports that executives in markets affected will brief regulators and clients after the board meets Wednesday to approve the plan, the person said, asking not to be named before an announcement to staff.
As part of the restructuring, code-named Project Brown, RBS intends to sell its U.S. loan commitments and related derivatives to Mizuho Financial Group, the person said without elaborating.
RBS will retain trading operations in the U.K., the U.S. and Singapore, a sales team in Tokyo and coverage teams in the Netherlands, Germany, France, Italy, Spain, Sweden, Denmark, Finland and Norway, according to the person. The bank plans to sell or wind down its businesses in markets including China, Hong Kong, Indonesia, Malaysia, South Korea, India and Thailand, the person said.
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