Arbuthnot announced plans in July for a JV through Secure Trust Bank (STB), its listed subsidiary in which it retains a 75 per cent stake, as well as an unnamed partner.
The Swiss investment bank still expects these countries to outperform industrialised nations but at a slower annualized real growth rate of 5% or less in the first half of 2012, compared with 7-8% at its peak and 5.5% last year, thanks to a moderation in
A deal would allow RBS to save the costs of firing the unit’s 30 or so employees, said the people, who declined to be identified because the talks are private.
People close to RBS tell me it has appointed Lazard, the investment bank, in recent days to handle an auction of swathes of its global banking and markets (GBM) division.
The job cuts – combined with an expected £1bn-2bn of restructuring costs – are the worst-case scenario in plans being considered by Stephen Hester, RBS’s chief executive, who finally accepted in November that the investment bank th
The bank, which started life financing trade between Europe, Asia and Africa in 1853, expects its wholesale banking operations to drive future growth.
First, some £40billion of ‘credit easing’ designed to get cheaper credit flowing to small and medium sized enterprises and, second, a boost for infrastructure spending to create jobs and investment in new capital projects.
IN the countdown to the close of 2011, with European banks caught in an ugly pincer movement, ANZ Banking Group chief executive Mike Smith began knocking on some doors.