Coutts has opened up the books on its international unit, said sources close to the process. One added that it was still early in the process and that a beauty parade of advisors had not yet begun.
Another source stated that the entire group has been under strategic review since February and many potential options are being considered to focus the bank’s business on the UK. Options include the merging of Coutts’ international arms into a single division or possibly a sale.
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It is rumoured that a sale could be worth over $1 billion and there have been unnamed bidders from both Asia and North America. A spokeswoman for RBS declined to comment on these rumours.
RBS is 81% owned by the state following a £45 billion rescue operation after the 2008 global financial crisis and is under pressure to focus on the UK market and help support the country’s economic recovery.
As part of major restructuring in order to repay taxpayers’ fund, Coutts’ international unit, which employs 1,200 staff, has dramatically cut the number of countries it serves.
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