RBS appoints Simon Penney for Mideast unit

Royal Bank of Scotland on Monday named Simon Penney to head up its wholesale and investment bank in the Middle East and Africa to strengthen its debt capital markets and structured finance business.

Penney recently also took on the role of country executive for the United Arab Emirates, where he will be based. "Simon will be instrumental in further strengthening the RBS franchise as his experience in debt capital markets and structured finance will help deliver our full range of products and advisory capabilities," said Marco Mazzucchelli, deputy chief of RBS's Global Banking and Markets Division. Penney previously headed RBS's South African operations and in the U.K. also served as head of the bank's project finance infrastructure and debt origination.Following the credit crisis, RBS in 2009 conducted a strategic review of its international activities and decided the UAE would remain one of its regional hubs.The Edinburgh-based bank is one of the creditors most exposed to Dubai World, the government-controlled investment group whose debt troubles have shaken confidence in the emirate's business model.