Royal Bank of Scotland Group PLC is considering a sale of part
of its Asia-Pacific business, as the British state-controlled
lender continues its retreat to the U.K.
RBS Chief Executive Ross McEwan has laid out a plan to ensure
that 80% of the bank's assets are in the U.K. to cut risk and
costs. On Sunday Mr. McEwan was in Singapore to discuss potential
ideas for reducing RBS's footprint in the region, according to
people familiar with the matter.
The British bank, which is 80% controlled by the U.K.
government, has been scaling back its operations in Asia since the
2008 financial crisis. In 2009 the lender sold its retail and
commercial banking operations in Taiwan, Singapore, Indonesia and
Hong Kong, and its institutional businesses in Taiwan, the
Philippines and Vietnam to Australia & New Zealand Banking
Group Ltd. The bank is planning to pull out of Japanese bond
trading soon, which could result in sizable job cuts in the
region.
RBS has already made moves to cut its exposure in other markets.
In the U.S. it is cutting jobs at its investment bank and has
listed its U.S. retail franchise, RBS Citizens. RBS is also in the
process of scaling back the size of its international wealth
management business.
The news of Sunday's meetings were first reported by
Bloomberg.
Write to Max Colchester at max.colchester@wsj.com
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