L Bank of Scotland (RBS) continued its divestment plan yesterday by winding down its retail and commercial operations in Chinese cities.
RBS will tranfer its 25,000-strong customer base, business portfolios and employees in Shanghai, Beijing and Shenzhen, to Singapore-based bank DBS China.
The agreement will take six months and involves no cash deal, transfer of outlets or business licences.
RBS will now focus on developing its wholesale and investment banking businesses in the country. “RBS remains strongly committed to the long term development of its business in China,” its statement said.
The deal is the latest non-core asset divestment following its restructuring in the financial crisis.