Royal Bank of Scotland (RBS) has confirmed that it plans to spin off its mergers and acquisitions business.
RBS chief executive for the Middle East and Africa Simon Penney says that M&A bankers intend to launch a boutique bank. Some 45 RBS bankers are expected to join the boutique, which is to be headed by RBS head of corporate finance John McIntyre. Penney adds that it is not yet known which regions will join the new firm.
In January RBS announced that it planned to exit the M&A business.