RBS 'planning Chinese securities venture'

8 March 2010

Royal Bank of Scotland (RBS) is planning to expand its operations in China via the creation of a new joint-venture securities unit, a company spokesman has said.

Hui Yukmin, a spokesman for the bank's Hong Kong office, told Bloomberg that RBS is looking to "enhance its existing platform" in China through the creation of such a division.

She said that RBS is currently holding talks with an unnamed Chinese company about setting up a joint venture.

If the deal goes through, the bank will join other financial institutions which have expanded their operations in China in recent times.

Firms involved in the country include Deutsche Bank and Credit Suisse, while Goldman Sachs and UBS AG have also set up securities operations.

Last month, RBS announced losses of £3.6 billion ($5.5 billion) in its annual results for 2009 – a figure better than many analysts expected for the British bank.

By Asim Shah

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