News

News

Ross McEwan Hunts for Local Buyer as Key to RBS Exit

Posted by Anton Murray Consulting on . Posted in Investment Banking News

Michael Bennett

ROYAL Bank of Scotland is on the hunt for a buyer of its Australian corporate and institutional banking (CIB) operations, as CEO Ross McEwan seeks to ­simplify the government-backed lender after seven straight years of annual losses.

Following RBS’s £3.5 billion ($6.94bn) loss announced late last week, a spokesman confirmed that a global restructure to create a “safer and more sustainable” bank focused on Britain and western Europe would result in CIB operations in Australia being “sold or wound down”.

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RBS Said to Plan Cutting Footprint to 13 Nations in Revamp

Posted by Anton Murray Consulting on . Posted in Investment Banking News

Brian Fowler and Richard Partington

Royal Bank of Scotland Group Plc will outline plans to reduce the number of countries in which it operates by two-thirds to 13, a person with knowledge of the matter said.

Executives in markets affected will brief regulators and clients after the board meets Wednesday to approve the plan, the person said, asking not to be named before an announcement to staff. As part of the restructuring, code-named Project Brown, Edinburgh-based RBS intends to sell its U.S. loan commitments and related derivatives to Mizuho Financial Group Inc., the person said without elaborating.

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Citigroup to Invest $100bn in Tackling Climate Change

Posted by Anton Murray Consulting on . Posted in News

Citigroup, the third largest US financial institution, on Wednesday said it will invest a whopping $100bn over the next decade to reduce the impacts of climate change. The bank said it will use the money the finance green initiatives and sustainable growth.

The global financial corporation’s CEO Michael Corbat made the announcement at a breakfast gathering of stakeholders, employees and partner organizations in New York.

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M&A Boom Cycle Has Years Left to Run, Ken Moelis Says

Posted by Anton Murray Consulting on . Posted in Investment Banking News

Jonathan Levin

The latest cycle of deal making – 2014 marked the best year for mergers and acquisitions since 2007 – has years to go, a veteran Wall Street banker said.

Ken Moelis, who has helped companies from HJ Heinz Co. to NYSE Euronext find buyers, said mergers and acquisitions have gone through three broad cycles since the early 1980s, usually with three- to four-year breathers in between. After a slump from 2009 to 2012, the latest cycle started about 18 months ago, he said.

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