RBS calls off plans for investment banking unit

Sunday, October 23, 2011

The Royal Bank of Scotland (RBS) has called off its plans to open an investment banking unit in Brazil, according to a statement from RBS.

RBS had obtained its banking licence to operate in the country earlier this year.

The bank said now is not the right time to make an investment that a new unit would demand. Market observers also see it as a clear sign that the European debt crisis is starting to affect the international expansion strategies of some banks.

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