RBS wants to rebuild its investment arm in Asia

8th Jun 2011 12:46

RBS plans to expand its business in China and rebuild its investment arm in Asia after reducing headcount last year in its corporate and investment banking divisions, as reported by Bloomberg. Last week the entity set a revenue growth target for itself, in this region of the world, of between 15% to 20%. Matthew Kirkby, the head of the unit, indicated that revenue in China might duplicate that pace.The bank, whose share price was decimated in Asia after its 2008 bailout and which later cut its workforce by 20%, acknowledged that it has hired more than 40 investment bankers in the region with the aim of obtaining more mandates. "We had too many people with the wrong skill sets," stated Kirkby, "so we've prioritized two things -- the two big ones for me in 2011 are getting China right and rebuilding our ECM business."RBS fell to 32nd place last year in equity issues from 14th place in 2009.SC