Royal Bank of Scotland is stepping up the expansion of its global banking and markets division. It is planning a hiring spree of 1,250 staff in the US and China, and will open its first Middle East office.

The division, part of RBS' corporate markets unit led by chief executive Johnny Cameron, has hired 2,250 in the past two years. Next year's hires will include 550 front-office employees and more staff in the US and China, Cameron told analysts and investors last week. He added that RBS would recruit support staff, particularly in the Asia-Pacific region, where it planned to open more offices. RBS is one of several banks that see the Middle East as a growth opportunity. It is expected to open its first offices in the region in Bahrain, Dubai and Abu Dhabi. It also plans to establish a presence in Shanghai, Seoul and Taipei, and will open a Helsinki office to add to its continental bases in France, Spain, Italy and Sweden. Higher revenues from Europe and the US boosted first-half profits at the bank's corporate markets arm by 21% to £2.7bn (€4bn). Profits from global banking and markets rose 24% to £1.8bn.