Royal Bank of Scotland confirmed it is closing some of its equities businesses in Asia, a move that will affect 70 people in Singapore, Indonesia and South Korea.

A Hong Kong-based spokeswoman at RBS said the company was initiating steps to wind down these businesses starting today and this would impact around 70 people.

Earlier, Reuters reported that RBS is closing its equity capital market and corporate finance units in South Korea and cash equities businesses in Indonesia, Singapore and Korea.

Reuters