RBS Ends Mideast Equity Research Partnership With Dubai's Rasmala

Monday, Mar 05, 2012

(This story was originally published Sunday.)

DUBAI (Zawya Dow Jones)--Royal Bank of Scotland has ended a partnership with Dubai's Rasmala Investment Bank to provide research on Middle Eastern companies after the majority U.K. government-owned lender decided to exit its cash equities businesses globally.

Simon Penney, the bank's chief executive for the Middle East and Africa, said in an emailed statement Sunday that the joint arrangement with Rasmala was in place solely to provide research for its regional cash equities and equity capital markets businesses.

Following a decision in January to sell or close cash equities operations, Penney said, "there is no further requirement for the joint arrangement with Rasmala."

"RBS is committed to its other businesses in the U.A.E.," he said, referencing a new corporate banking branch in Dubai and a pair of debt sales RBS helped manage this year for Abu Dhabi's Dolphin Energy and Dubai's Emirates Islamic Bank.

Rasmala and RBS announced the research tie-up in 2010.

-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, asa.fitch@dowjones.com

(END) Dow Jones Newswires

05-03-12 0353GMT