Royal Bank of Scotland is ramping up its DCM activity in the UAE at the same time as it is working to exit from its ABN Amro-branded consumer banking unit in the emirate.

Simon Penney, RBS CEO for the Middle East and Africa, has said the bank is currently working on at least six bonds in the Middle East, and that it is looking to boost regional revenue by as much as 30% this year.

Its Middle East investment banking revenue grew by a similar percentage last year, as the bank managed a range of bond sales and was also the biggest underwriter of loans to Dubai World, added Penney.

But, according to local recruiters, this is unlikely to lead to a surge of hiring, as its DCM team in Dubai is already one of the biggest in the region.

“They are certainly positive and are participating in lots of deals and are definitely looking to boost their balance sheet in the Middle East. DCM is something they care about very much,” says one recruiter.

“They have a very experienced emerging markets DCM team, which is already one of the larger ones in Dubai,” he adds.

It is a different story on its consumer bank, however, with RBS widely expected to reveal a buyer during April or May, with the sale part and parcel of the bank’s plan announced back in February last year to close down or sell off a number of businesses around the world, including some in Asia and Central and Eastern Europe.

“RBS wants to concentrate more on its core investment banking and high end corporate business here,” adds a recruiter.