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Royal Bank Of Scotland Selling Its International Unit


The Royal Bank of Scotland is considering a possible sell of the international unit of its private bank. The sale could be worth $1 billion. The British government has been leaning on the bank to focus more on domestic lending. This mean Coutts, famously known as the banker for Queen Elizabeth, could be broken into two businesses. One unit would be based in Britain and the other would be in Zurich, where it controls operations in markets such as Hong Kong, Singapore, Adu Dhabi and Dubai. It manages almost $36 billion in assets for its clients. RBS has already received bids from Coutts International from both Asian and North America parties. RBS executives Alison Rose and Les Matheson, said “We will work with local management teams to explore options including merging the remainder of the current Coutts International business, considering joint ventures or a sale, thereby reducing RBS’s footprint internationally.”