The international arm of Coutts Bank may be put up for sale by Royal Bank of Scotland.
Following a review of its “High Net Worth” business, RBS emailed Coutts staff to say it is considering selling Coutts International or restructuring it.
RBS also assured staff that the UK part of Coutts is not for sale. The UK arm is responsible for most of the division’s business.
The message said options would be explored, such as a merger, joint ventures or a sale, “thereby reducing RBS’s footprint internationally. Wealthy expats would still receive service, but that the bank’s overseas operations were too small for appropriate returns.
The UK tax-payer still owns the majority of RBS.
After a strategic review in February, Coutts was subsumed into RBS’s UK commercial bank in order to streamline operations.
Coutts dates back to the 17th century and the international operation currently has some 1,200 employees in seven countries.
It made an operating profit of £68m last year, and could be valued at up to £650m.
