SINGAPORE - THE Royal Bank of Scotland (RBS) is reviewing its expansion plans in Singapore and may put on hold its plans to open two more branches and hire 25 per cent more front-line staff, a local newspaper reported on Thursday.
RBS received a licence from Singapore's central bank to enter the retail banking market in September. The bank said then it would add two more branches to the current six, the Business Times reported.
'We will be reviewing our expansion plans to take into account current economic conditions,' said Ajay Mathur, RBS head of retail banking.
RBS, which expects a 2008 loss of up to £28 billion pounds (S$61.1 billion), has been hit hard by the credit crisis and is reviewing its operations and may sell some assets. -- REUTERS
