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RBS closes Qatar operations

Royal Bank of Scotland (RBS) has closed its branch in Qatar, where the bank has been active in recent years, acting as financial adviser for Qatar Petroleum on major energy projects as well as coordinator for Ooredoo, then Qatar Telecom, on a $1 billion bond issue in 2013. But the British bank is shrinking its corporate and institutional banking business in the Middle East, Africa and parts of Europe and Asia to refocus on its home market. The bank returned its local licence to the Qatar Financial Centre Regulatory Authority. RBS had held the licence since 2007, offering markets and international banking services. The bank said management of its existing exposure in Qatar would still be handled in London.

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