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RBS considers sale of unit to Coutts

Monday, August 11 11:56:34

British lender Royal Bank of Scotland is considering selling the international arm of its private bank, Coutts, as it focuses more on domestic lending, it told staff today.

"We will now 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," the bank said in an internal memo seen by Reuters.

The bank said an internal review had recommended the bank increase its focus on growing its high net worth businesses within Britain.

Reuters earlier reported RBS was planning to sell the private bank's international arm.

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