RBS to end ties with Hoare Govett


Royal Bank of Scotland is set to appoint a new corporate broker to replace Hoare Govett, which it sold to the American investment bank Jefferies in February.

Royal Bank of Scotland, which is 83 per cent-owned by British taxpayers, is expected to begin a tender process to find a new broker, ending its ties with the historic British stockbroker it acquired as part of its troubled takeover of the Dutch bank ABN Amro. "RBS has started the tender process to appoint a new broker," a source told Reuters.