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RBS Confirms Withdrawal From Japan Trading Amid Global Overhaul

Royal Bank of Scotland Group Plc will close its trading business in Japan while maintaining sales operations as part of a global overhaul by the U.K. firm’s chief executive officer.

“In line with the strategy set out by Ross McEwan in February to make RBS a smaller, more focused bank, we can confirm that RBS has decided to exit its on-shore trading business but will maintain a sales presence in Japan,” Atsuko Yoshitsugu, a Tokyo-based spokeswoman, said by phone today. She didn’t give a timeframe for the withdrawal.