Oct. 20 (Bloomberg) -- Royal Bank of Scotland Plc. gave up a plan to start an investment bank business in Brazil, Valor Economico reported, citing a statement from the bank.
RBS concluded it isn’t prudent to commit itself with the necessary investment to establish a successful operation in Brazil, the newspaper reported on its website.
Brazil’s National Monetary Council has approved RBS’s application to open an investment bank in the South American country in June.
To contact the reporter on this story: Francisco Marcelino in Sao Paulo at firstname.lastname@example.org
To contact the editor responsible for this story: Helder Marinho at email@example.com