Royal Bank of Scotland has formed a new London-based team focusing on helping European and Chinese companies tap into each other's markets, as Britain aims to boost London's role as a key offshore trading hub for China's yuan currency.
RBS, which is 83 percent owned by the British government following a state bailout during the 2008 credit crisis, said on Thursday Janet Ming would head up its new China desk and would relocate from Shanghai to London.
As the UK seeks to develop London as an offshore renminbi (RMB) trading hub for Europe, RBS' expertise in this area will add great value to its clients in Europe and China, RBS said in a statement.
London, New York and other major global financial centres are eager for a piece of the fast-growing market in yuan-denominated assets, as China looks to make its currency - known as the yuan or renminbi - more international.
Last month, Britain teamed up with Hong Kong to secure London a top spot as an offshore trading centre for the Chinese currency.
The Chinese currency has traded in London since 2010 and the UK capital has a share of around 15 percent of the total volume of offshore renminbi trade, HSBC foreign exchange banker David Pavitt told Reuters last month, with corporates fuelling most of the demand.
RBS has slashed thousands of jobs at its investment banking arm and has scaled back its equities division, but aims to maintain operations in areas such as bond trading, foreign exchange and fixed income.
(Reporting by Sudip Kar-Gupta. Editing by Mark Potter)