Local RBS base still negotiating sale
(10 February, 2012 – Australia) It is believed the head of Royal Bank of Scotland (RBS)’s Australian arm, Stephen Williams told senior staff he plans to step down after the expected sale of the local investment banking arm.
Negotiations with two Asian-based buyers continue for the sale of the bulk of RBS’ regional business and local staff expect radical restructuring under the new owners.
There are currently 600 staff employed by the local business in its institutional, equities and corporate advisory arm and heavy job cuts are expected.
RBS, which is majority owned by the British government, will retain its profitable debt capital markets and fixed-interest business in Australia. The bank here is expected to be headed by the present head of debt capital markets, Andrew Chick.
The field for RBS' Asian business has reportedly narrowed to two buyers, CIMB Group in Malaysia and China International Capital Corporation. Both are believed to be more interested in the group's Hong Kong and Asian offices.
An announcement on the sale process is expected before 23 February, when RBS is scheduled to hand down its full-year results.
There are currently 600 staff employed by the local business in its institutional, equities and corporate advisory arm and heavy job cuts are expected.
RBS, which is majority owned by the British government, will retain its profitable debt capital markets and fixed-interest business in Australia. The bank here is expected to be headed by the present head of debt capital markets, Andrew Chick.
The field for RBS' Asian business has reportedly narrowed to two buyers, CIMB Group in Malaysia and China International Capital Corporation. Both are believed to be more interested in the group's Hong Kong and Asian offices.
An announcement on the sale process is expected before 23 February, when RBS is scheduled to hand down its full-year results.
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