RBS signs MOU with CIMB to sell part of Asia-Pacific business

After six weeks of trying to find a buyer for parts of its Asia-Pacific business, Royal Bank of Scotland yesterday signed a memorandum of understanding with Malaysia’s CIMB Group. The aim is to finalise a sale and purchase agreement during the next few weeks that will cover the cash equities, equity capital markets, MA and corporate finance divisions in Asia-Pacific, including Australia, a source said.

The MOU was confirmed by CIMB and RBS in separate statements, but neither party provided any further details. CIMB said the MOU will allow it to negotiate exclusively with RBS to finalise the scope and terms of a sale.

There has...