RBS offloads Chinese deposits

15th Dec 2010 13:57

Royal Bank of Scotland is transferring certain staff and customers of its retail and commercial business in China to DBS Group Holdings. This is the latest deal in the bank's asset reduction plan. The customers transferring have deposit accounts or structured deposit contracts with RBS in China. No loans by RBS are involved in the transfer. RBS retains its Global Banking Markets (GBM) and Global Transaction Services (GTS) businesses. RBS has a joint venture with Guolian Securities, which enabled it to be the first UK bank to be granted a securities JV licence in China.

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