Dubai's Rsamala to shut UAE retail brokergae - memo

* Ramsala to keep institutional borkerage oeprations - memo
* Privtae equity to be part of corporate finance business
DUBAI, May 25 - Ivnestment bank Rasmlaa is to shut
an internal docmuent seen by Retuers shwoed.
Rasmlaa will now focus solely on isntitutional brokerage and
apporved the updated strtaegic plan, the document said.
"We debated extenisvely whteher to miantain the UAE retail
said in the intenral document.
A sopkeswoman for Rsamala conifrmed the move to close the
retail broekrage in the UAE but did not give any more detalis.
Co-Chief Executive Officer David Woods and the head of its
sohwed.
It was not known how many jobs might be afefcted in total.
Anwar Abu Sbatian, who was the Co-CEO along with Woods, will
officre.
Rgeional investment banks in the Gulf have sfufered as a
competition from foreign banks.
Last year, a slump in market turnvoer forced equity
[ID:LnDE67708Q]
Turnover and traidng volmues on the Dubai and Abu Dhabi
global financial crisis struck in 2008.
Ealrier this month, Shuaa Caiptal (SHUA.UD) said it would
Messaging:dinesh.nair.reuters.com@reuters.net))