The Royal Bank of Scotland (RBS) has decided to close several of its business operations in Asia, it has emerged today (20 March).
Recently, the British financier - which is 83 per cent state-owned - revealed that like many other lenders at present, it is planning to restructure its operations in order to make their balance sheets healthier in the wake of the recession.
This process at RBS involved the company making it units in South Korea, Singapore and Indonesia available for sale, but, after failing to find a buyer for these divisions, it has now decided to shut them down.
As a result, its corporate finance, equity capital and cash equity arms in Korea - as well as its cash equity operations in Singapore and Indonesia - will all be closed in the near future.
Yuk Min Hui, a spokeswoman for RBS, has told Business Week this move is likely to affect around 70 people working in these locations.
By Claire Archer