2 April 2012
Taxpayer-controlled Royal Bank of Scotland today sold its Asia-Pacific equities and mergers and acquisitions business to Malaysia-based bank CIMB for £75 million.
The sale covers 11 markets in the region including Australia , China, Hong Kong and Singpaore. Up to 400 people are expected to transfer across.
RBS said the major benefit of the sale was to mitigate the costs that would have been involved had it closed down the businesses.
CIMB said that it would inject an extra £100 million of working capital into the businesses it is acquiring.
