Royal Bank of Scotland's mergers and acquisitions (M&A) business will be spun off into a boutique advisory firm run by some of its current staff, the bank's chief executive for the Middle East and Africa said.
"The M&A bankers plan to form a boutique business," Simon Penney said in Dubai.
"It's not clear as to which regions would join in but that's the plan," he added.
The bank, 82-per cent owned by the British government, is exiting mergers and acquisitions as part of a restructuring announced in January.
City A.M. Reporter