Royal Bank of Scotland
The exit will most probably be completed in the coming few months, one source familiar with the matter told Reuters.
There are close to five interested buyers for the business.
The move is part of a global shake up in which RBS plans to cut another 4,450 jobs bowing to pressure from the government.
Tom Emmet, RBS' managing director and head of corporate finance and equity capital markets for the region, will leave the post at the bank as part of the shake up, a second source said. Emmet may take up a similar role if the business is sold to a new buyer.
An RBS spokeswoman in Dubai was not immediately available for comment. The sources declined to be identified as the matter has not been made public yet.
RBS, 83-percent owned by the government, said last week it would exit the investment banking arena, and cut jobs as it faces government pressure to shut down risky operations.
The bank aims to cut the balance sheet of its former global banking and markets business by 120 billion pounds to 300 billion in the next three years under the plan.
(Reporting by Dinesh Nair and Mirna Sleiman; Editing by Amran Abocar)