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.
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