SINGAPORE (MarketWatch) — Royal Bank of Scotland Group PLC
is selling its retail and commercial banking business in Singapore and will keep its investment banking and wholesale business in the island, The Business Times reported Thursday, citing the bank’s chairman, Philip Hampton.
“It’s early days yet, we expect a significant level of interest from serious banks,” Hampton, who is on a trip to Asia, said.
The paper said that RBS will also retain its private bank, RBS Coutts, which has its global headquarters in Singapore.
RBS currently has 2,368 people in Singapore, 660 of whom are from retail and commercial banking operations. RBS Coutts numbers 260 employees.
RBS, which is majority owned by the U.K. government, is selling its retail and commercial banking business in eight markets as part of efforts to raise capital. In Singapore, its retail and commercial banking operations include wealth management, unsecured loans and small and medium enterprise lending, the paper said.
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