Friday 5 March 2010

RBS to Manage at Least Six Bond Sales in Middle East This Year



 Royal Bank of Scotland Group Plc, the 84 percent government-owned U.K. lender, will manage sales of at least six bonds in the Middle East this year as it aims to boost regional revenue by 30 percent in 2010.
“There are more than half a dozen live documentations currently under way,”Simon Penney, RBS’s chief executive officer for the Middle East and Africa, said in an interview in Dubai today. The sales are from companies across the Middle East, including investment-grade and non-investment-grade issuers, as well as one from a Dubai government-related entity, he said.
RBS’s Middle East investment banking revenue grew 30 percent last year as the bank managed bond sales for National Bank of Abu Dhabi PJSC, Dolphin Energy Ltd. and Qatar Telecom QSC and increased employees fourfold, Penney said. RBS was also the biggest underwriter of loans to Dubai World, the state-owned company seeking to reschedule debt, arranging $2.3 billion or 17 percent of the company’s loans since January 2007, JPMorgan Chase & Co. said in a report Nov. 27.

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