The Royal Bank of Scotland is set to pull out of dozens of overseas markets, reports Sky News this afternoon. The report claims that the banking giant is in talks with a number of national banking regulators about pulling out of many of the 38 countries they provide services in. Although the Bank would not respond to Sky News’ questions another source claimed that they would be surprised if the bank retains a presence in more than 15 of the 38 countries.

 Both RBS’s Chief Executive Ross McEwan and UK Chancellor George Osborne have agreed that RBS should focus solely on UK consumers and business customers.