The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Corporate and investment banking: RBS sets out new strategy

Sells retail, focuses on investment banking; Regional chairman McCormick bullish on prospects


John McCormick, chairman for Asia-Pacific at RBS

"The key result of the strategic review is that we are getting out of retail and SME banking"

John McCormick, RBS

RBS is fully committed to its Asia-Pacific business and is rebuilding its coverage of the region on a tighter platform focused on corporate and investment banking, according to John McCormick, chairman for Asia-Pacific.

After recovering from what McCormick describes as a near-fatal heart attack at the end of 2008, RBS has been selling off non-core businesses globally as it seeks to return value to its rescuer and majority shareholder, the UK government.

Rivals have naturally questioned whether the bank wants or can afford to maintain an investment banking presence in Asia-Pacific. The answer is an unequivocal yes, says McCormick, who sat down with colleagues John Mullins, regional head of banking, and Pierre Ferland, head of markets Asia-Pacific, to set out the RBS strategy in the region and explain why the firm is already back on course.

McCormick says: "The key result of the strategic review conducted by RBS from the end of October 2008 through to February this year is that we are getting out of retail and SME banking globally (except in North America and the UK), and committing instead to wholesale and investment banking worldwide.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree