TEL AVIV (MarketWatch) � Royal Bank of Scotland Group, taking a major step in its restructuring since the U.K. government took it over after the 2008 financial crisis, is close to selling its Asia-equities arm to CIMB Group Holdings Bhd. of Malaysia, a media report says.
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People close to the matter told The Wall Street Journal that the deal could be signed early this week.
The units involved include RBS�s�Asian cash-equities, equity-capital-Markets and corporate-finance businesses, the Journal reported.
CIMB, MY:CIMB �the Kuala Lumpur, banking and financial-services group, wants the businesses to help establish a regional presence, the Journal reported.
In addition, the deal reflects a push by Asia-Pacific banks to expand geographically by acquiring businesses and staff from their troubled western peers, the paper reported. About 400 RBS staffers will join CIMB as part of the deal, the Journal reported.
RBS RBS �UK:RBS �is owned 83% by the U.K. government. The deal would be subject to regulatory clearances.
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