Rasmala to end research department

Rasmala Investment Bank Ltd, which had an equity research tie-up with Royal Bank of Scotland Group, is closing its research department after ending the arrangement with the UK's biggest publicly-owned lender last month, two people familiar with the matter said. The people declined to be identified because the matter hasn't been made public. No one at Rasmala was immediately available to comment. RBS chief executive officer for the Middle East and Africa Simon Penney said in March that there was no further requirement for the joint arrangement after the bank said January 12 it would exit its cash equities business globally. From: Gulfnews