The China Banking Regulatory Commission has approved ABN Amro China's change of name to RBS, its current owner, the bank said this week. The Dutch bank's Chinese investment banking business, a major issuer of structured products in China, was acquired by RBS in 2007 and is expected to complete its rebranding by the end of July.
RBS China will focus on wholesale banking and investment banking business in China, which contributes to the majority of its business revenue, according to its president Li Quan.
RBS is still discussing how to dispose of its retail banking and small- and medium-sized enterprises business in China, which account for only a small portion of its business in China, according to local news sources.
Li said RBS is negotiating with local brokers on the establishment of a securities joint venture. Observers said that by backing a Chinese-listed firm, RBS will be able to conduct A-share trading through the establishment of a securities joint venture.
SRP lists 141 structured products in China under the ABN Amro name up to the end of 2009.