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RBS spokesperson Pholida Phengsomphone has confirmed reports that the bank will be adjusting the size of its investment banking unit.
“We will give an update on final decisions in the new year following consultation with our major shareholders,” she says.
Phengsomphone was unable to elaborate on the exact cuts to take place within Global Banking and Markets.
The Royal Bank of Scotland, the battered and state-backed U.K. financial institution, is planning on selling off parts of its investment banking unit, SkyNews’s Mark Kleinman reports.
A string of large banking groups in Britain, North America and Asia have been approached by Lazard this week to gauge their appetite for a potential deal, I’m told. The process is at a very preliminary stage, according to people close to it.
RBS, which bases its North American operations out of Stamford, Conn., has had a difficult 2011. The bank ranked twentieth in value of deals ran, accounting for about 2% of the total mergers & acquisitions market.
RBS’s acted as an advisor to SAB Miller during its attempted takeover of Foster’s Group for $13.1 billion.
Kleinman reports that Lazard has been named as the investment bank acting on RBS’s behalf, and that the British bank may shutter some of its operations if a buyer cannot be found for its markets unit.
Exact details were not available as to the scope of the sale, and what divisions RBS hoped to retain.
Pre-market trading in RBS was slightly lower, with the stock declining 0.9% to $6.55.
RBS was unavailable for comment this morning.