By Marcus Leach
The Royal Bank of Scotland Group plc (RBS) has agreed to sell its RBS Hoare Govett corporate broking operations and transfer certain other professionals to Jefferies International Limited (Jefferies).
On 12 January 2012, RBS announced its decision to exit its cash equities, corporate broking, equity capital markets, and mergers and acquisitions businesses as part of changes to the bank’s wholesale banking operations.
RBS have announced that it has agreed to sell its RBS Hoare Govett corporate broking operations and transfer certain other cash equities professionals to Jefferies. The sale is for nominal cash consideration and is expected to complete by the end of Q1 2012. The transaction is not subject to any regulatory or other conditions precedent.
RBS will work closely with Jefferies and existing clients of the UK corporate broking business in seeking to transfer existing corporate broking roles to Jefferies to the satisfaction of its clients.
RBS remains in active discussions with other third parties interested in acquiring various parts of the businesses it has identified for exit. Further updates will be provided based on developments.
"As we progress our plans to restructure the Group's wholesale banking division, we are pleased to have reached this agreement with Jefferies. The transaction will ensure continuity of service to our corporate broking clients," Bruce Van Saun, RBS Group Finance Director, said.
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