RBS sells off Asia Pacific units to CIMB

The Malaysian branch of CIMB bank has snapped up the Royal Bank of Scotland's Asia Pacific units as the bank makes further moves to streamline operations.

Malaysia's CIMB said it will acquire most of RBS' Asia Pacific units in a deal worth 431.8m Malaysian ringgit (£88m), giving it control of the British bank's Asia Pacific cash equities and associated investment banking businesses. CIMB Group is a regional bank operating across high growth economies in Asia. RBS has recently made moves to scale down its operations in an effort to streamline its business following the government bailout. Between 2008 to 2009, the UK government was forced to inject £45.5bn of taxpayers' cash into the troubled bank to prevent its collapse. Last week the B...