Bloomberg News

RBS to Move Australian Fixed-Income Trading to Singapore, U.K.

February 27, 2012

Royal Bank of Scotland Group Plc plans to relocate its Australian fixed-income and currency trading business to Singapore and London, according to an e- mailed response to questions from Bloomberg News.

“Australia is a mature and highly competitive market for fixed income products where margins have become increasingly tight,” Andrew Chick, who was appointed Australian country head this month, said in the statement. “While the FICC business has performed well to date under extraordinary market pressures, there are longer-term challenges that will make revenue generation harder to achieve.”

RBS is still in “active discussions” on the sale of its equities and mergers and acquisitions businesses, Chick said. The Australian Financial Review reported the fixed-income trading move earlier.

To contact the reporter on this story: Sarah McDonald in Sydney at smcdonald23@bloomberg.net

To contact the editor responsible for this story: Malcolm Scott at mscott23@bloomberg.net


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