RBS reviewing global footprint

Dubai

ROYAL Bank of Scotland (RBS) plans to sell or close its corporate debt and debt capital markets business in the Middle East and Africa, the latest pullback by the state-controlled lender from emerging markets to focus on its domestic business.

The lender, 81 per cent owned by the British government, has been reviewing its global footprint as it seeks to rebuild its reputation after one of the biggest bailouts in British history during the global financial crisis.