NATWEST Markets is no longer the commercial bank that is just involved in money market operations and interest rate management to finance its own loans.
It is now an ambitious bank that has invested millions of dollars in the past few months, aiming to become one of the top 10 investment banks in the world in three years.
Indicative of its pace of growth, its Asia-Pacific operation has expanded from 86 people manning four branches last year to five branches with 123 staff - in just six months.
The new staff are not anonymous dealers but are all recruited from top-tier investment banks such as Nomura, JP Morgan, Lehman Brothers and Bankers Trust.
Instead of letting each branch run its own treasury business, NatWest has developed five different centres in the region, employing the so-called 'centres of excellence concept'.
Frank Wong, treasury managing director for corporate and investment banking in the Asia-Pacific for NatWest, said: 'Previously, we were involved in only nine currencies. Now we want to be a main contributor in 21 currency pairs by being the market-maker.' Each of the five centres - Hong Kong, Singapore, Sydney, Japan and Seoul - will have its own currencies of specialisation.