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September 17, 2010    

RBS signs agreement with China’s Guolian

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by Kay Murchie

The Royal Bank of Scotland (RBS) has signed an agreement with Chinese group, Guolian Securities.

The venture is part of the bank‘s expansion in the fast-growing Asian economy.

RBS, which is 83% owned by the taxpayer, has recently been selling assets under the orders of the European Commission, as a punishment of the billions of pounds in state aid that RBS received by the Government at the height of the financial crisis.

The bank has embarked on a major disposal programme over recent months and today’s announcement comes as the bank is also seeking to enhance existing partnerships with Suzhou Trust and Galaxy Futures.

The bank has a 20% stake in Suzhou Trust and a 16.7% stake in Galaxy Futures.

Meanwhile, commenting on today’s announcement, John McCormick, Asia Pacific chief executive officer for RBS, said: “China is a core market for RBS in Asia as well as globally, and we will continue to invest significant resources in building our wholesale and investment banking businesses here.”

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Tags: , , disposals, , Galaxy Futures, Guolian Securities, , Suzhou Trust


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