Royal Bank of Scotland (RBS) has shortlisted bidders for the second round sale process of Coutts Inter-nation¬al, which includes J Safra Sarasin and a consortium comprising Singapore’s DBS Group.
The other shortlisted bidders for the second sales round include Julius Baer, South Africa’s Investec, and Credit Suisse, Reuters reported citing undisclosed sources.
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DBS is mainly interested in Coutts’ Asian arm, and has joined forces with French lender Societe Generale which is eyeing the bank’s European division.
A specific date is yet to be decided on the final bids.
The initial sale round attracted nearly 10 suitors and sale is estimated to fetch RBS around $1bn.
The sale will not include a license to use the wealth management brand, which will remain with Coutts’ UK operations.
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