RBS To Merge Asia-Pacific Investment Banking Units

HONG KONG (Reuters) – Royal Bank of Scotland (RBS.L) on Tuesday said it will merge its various Asia-Pacific investment banking teams into one group.

The move comes as the struggling bank, majority owned by the UK government, tries to sell off overseas assets and streamline others it plans to keep. RBS is selling its retail and commercial units in Asia, and keeping its investment bank.

The new investment banking group will be led by John Mullins, currently the Asia-Pacific head of corporate and financial institutions debt origination. He will report to John McCormick, Asia-Pacific CEO of Global Banking and Markets.

The official name is the Asia-Pacific Coverage & Origination Banking group, which includes, in part: mergers and acquisitions advisory; equity capital markets; debt markets; the financial institutions group; and corporate finance.

(Reporting by Michael Flaherty; Editing by Chris Lewis)