LONDON - Royal Bank of Scotland has applied for a securities licence in China, as it seeks to expand its presence in the country, the Financial Times reported in its Monday edition.
The British bank, bailed out by the UK taxpayer at the height of the crisis, has applied to the Beijing for regulatory approval in a joint venture with a local partner, the FT said, citing people familiar with the matter.
The move comes after RBS was ordered last year by EU antitrust regulators to sell a string of assets, including more than 300 branches and its insurance arm, to compensate for billions received in state aid.
John McCormick, RBS Asia Pacific chief executive told the paper the bank was looking at several ways to widen its Chinese exposure.
"We have many 'acorns' planted in China and I am confident that these will grow steadily in the coming years," McCormick told the FT.
A spokesman for RBS declined to comment.
