Royal Bank of Scotland Group Plc (RBS) said it will wind down some operations in Korea, Indonesia and Singapore, starting today.
The businesses that will be shut include 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, a spokeswoman for RBS in Hong Kong, said in an e-mailed response to queries. About 70 people will be affected, she said.
RBS, Britain’s biggest state-owned lender, said on March 1 that it would sell its cash equities, corporate broking, equity capital markets and corporate finance businesses to Malaysia’s CIMB Group Holdings Bhd. (CIMB) The U.K. lender has since determined that certain assets won’t be included in that sale due to “commercial reasons,” the spokeswoman said, without elaborating.