RBS won't sell BOC stake
14 July 2008
Royal Bank of Scotland (RBS) said it will hold on to its 5% stake in Bank of China (BOC) and pursue a Chinese expansion strategy despite capital difficulties, the Financial Times reported. RBS Chairman of Regional Markets Gordon Pell cited RBS's commitment to its relationship with BOC, which includes formal cooperation agreements in credit cards and wealth management. BOC and RBS currently operate two wealth-management branches in China, but it is thought unlikely that the banks will reach their target of six branches. BOC has plans to operate its own wealth-management branches, while RBS inherited a network of 13 branches when it acquired Dutch bank ABN Amro last year.