Britain's NatWest Bank is set to announce on Monday a buyer for the Greater China business of NatWest Markets (Asia), its investment banking arm.
The new buyer, which sources say is likely to be Industrial and Commercial Bank of China, will sign an agreement over the weekend, but will only take control over NatWest's respected Greater China business, which is headed by Meocre Li, director of corporate finance.
The remaining businesses around the region are set to be disbanded.
The new buyer will take on about 70 people in Hong Kong, but is not taking on any staff from the NatWest Asian equity trading business in London or New York.
NatWest executives said they were pleased with the sale of the business which is understood to have been struck at a premium to book value.
The sale marks the first time a mainland Chinese bank has taken control of an operation of a Western bank. Some observers said it was indicative of the growing ambitions of Chinese banks to build investment-banking businesses.
