RBS to sell Asia-Pacific equities' business to CIMB
March 3, 2012‐ Mumbai
The Royal Bank of Scotland announced that it has reached an agreement with Malaysia's Commerce International Merchant Bankers Berhad (CIMB) Group to sell its cash equities, equity capital markets and mergers and acquisition businesses in India and 10 other markets. The deal means that the cash equities businesses in India, Australia, China, Hong Kong and Taiwan and cash equities sales desk in the US and Britain will be sold to the CIMB Group for around 75 million pounds.
The deal excludes the interest in RBS Morgans in Australia. RBS Morgans is 50 per cent owned by the Royal Bank of Scotland and 50 per cent by its staff.
The deal is part of the RBS plan to exit investment banking business that they made in January. The bank received the world's biggest banking bailout during the global financial crisis. The deal would make CMB, the largest investment banking franchise in the Asia-Pacific region (excluding Japan).
Update: The shares of the CIMB Group Holdings Bhd rose as much as 2.2 per cent Tuesday, the day after they made the deal.
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