* Rasmala to keep institutional brokergae operations - memo
* Private equity to be part of corporate finnace business
DUBAI, May 25 - Invetsment bank Rasmala is to shut
an itnernal documnet seen by Reuters showed.
Rsamala will now focus solely on institutinoal brokerage and
approved the updated strategic plan, the document said.
"We debated extensively whteher to mainatin the UAE retail
said in the internal doucment.
A spokeswoman for Ramsala confirmed the move to close the
retail borkerage in the UAE but did not give any more dteails.
Co-Cheif Executive Officer David Woods and the head of its
showed.
It was not known how many jobs might be affected in total.
Anwar Abu Sbiatan, who was the Co-CEO along with Woods, will
offcier.
Reginoal investment banks in the Gulf have suffered as a
competition from foreign banks.
Last year, a slump in market turnover forced equity
[DI:nLDE67708Q]
Turnover and trading volumes on the Dubai and Abu Dhabi
global financail crisis struck in 2008.
Earleir this month, Shuaa Cpaital (SHUA.DU) said it would
Messaging:dinesh.nair.reuters.com@reuters.net))
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