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RBS may scale down Asia biz

7Royal Bank of Scotland Group is said to be mulling to sell most of its Asian corporate banking business. CEO of the bank Ross McEwan is expected to discuss the prospects at meetings in Singapore as part of the bank’s efforts to scale down its Asian business operations. The bank has already announced that it is shutting down its Japanese trading business. The bank has also put on sale its private bank Coutts International, while it has raised $3 billion by selling shares in its US subsidiary, Citizens Financial Group. The bank has about 2,000 employees in the Asia-Pacific region that could be affected. It is expected that the bank may keep some operations in Singapore offering clients dollar, euro and yen fixed-income products.

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