There is work going on to create a joint bank. Royal Bank of Scotland (RBS) plans to open a Russian subsidiary which would deal with investment business. It’s planned that the bank will be owned 50:50 by RBS and the investment firm Renaissance Capital, Reuters reported the source as saying.
According to the source, the new bank is expected to commence operations by the start of 2008.
The Scotsman reported that the deal will provide RBS with a marketing platform for its investment banking services in the country, while Renaissance would be able to offer a wider range of services and products to its clients.
The joint venture will build upon an already established relationship, which saw the two parties in January 2007, offer currency, debt and interest rate derivatives to government, corporate and institutional clients in Russia, Reuters revealed.
