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Rasmala to close UAE retail brokerage

Dubai-based investment bank Rasmala plans to shut its retail brokerage operations in the UAE, as part of a restructuring programme that began in November last year, Reuters has reported, citing an internal memo. "We debated extensively whether to maintain the UAE retail brokerage operations and concluded that the infrastructure it requires, in terms of staff, operations and risk management exposes us to a heavy operational burden and high risk for a minimal return," Ali al Shihabi, Rasmala's founder and chairman said in the internal document. The bank plans to focus solely on institutional brokerage and research, asset management and corporate finance after its board approved the updated strategic plan, the document said.