Part-nationalised Royal Bank of Scotland is in talks to sell its mergers and acquisitions business in the Middle East and cut some jobs as part of a global restructuring at the U.K. bank, its regional head said on Monday.
Simon Penney, RBS' chief executive for Middle East and Africa, told Reuters the bank would focus on debt products, risk management and transactional banking.
"We'll be selling our M&A business in the region but everything else remains the same," Penney said, adding that "less than five people will be leaving" as a result.
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