RBS eyes selling Coutts International
Print Edition
ROYAL Bank of Scotland confirmed it was considering selling the international arm of its private bank, a deal one source said could net it as much as US$1 billion, as the UK government leans on it to focus more on domestic lending.
The move means that Coutts, founded in the 18th century and best known as banker to the Queen of England, could be split into two businesses — one based in Britain and one in Zurich from where it runs operations in Hong Kong, Singapore, Abu Dhabi and Dubai that manage nearly US$36 billion in client assets.
RBS has attracted offers from bidders including unnamed Asian and North American parties for Coutts International, two sources with knowledge of the operation said.
The sale could net RBS between US$720 million and US$1.1 billion, based on a multiple of 2-3 percent of assets under management, said a third person with knowledge of the matter.
The bank told staff yesterday that it was exploring a sale, confirming a report by Reuters earlier in the day.
“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,” RBS said.
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