RBS to sell Mideast M&A business
Dubai, January 16, 2012
Royal Bank of Scotland plans to sell its mergers and acquisitions business in the Middle East and cut several jobs as part of a global restructuring at the UK lender, its regional head said on Monday.
Simon Penney, RBS' chief executive for Middle East and North Africa, said the bank would focus on debt products, risk management and transactional banking.
'We'll be selling our M&A business in the region,' Penney told Reuters. 'It is a global decision to exit cash equities and M&A. We had some pretty good mandates live and we'll see all deals closing. We will honor all client obligations but we won't be originating any new business.'
RBS said last month it was working on four M&A deals in the region including Saudi Arabia-based Aujan Industries sale of a 50-percent stake to The Coca-Cola Company for $980 million. - Reuters