Julius Baer is keen on buying Coutts International but will refrain from entering into a bidding war for the arm, the bank’s CEO Boris Collardi told newspaper Sonntagsblick.
"Coutts has to be an issue for us, if only because of the name and the brand," said Collardi.
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Collardi said that Julius Baer has not got into the bidding war as that would simply raise the acquisition price and that would be a waste of time.
He added that the firm has not entered into any discussions with RBS.
Last month, Royal Bank of Scotland (RBS) has agreed to divest the overseas business of its private banking arm Coutts for over $1 billion.
Recently, RBS said that it could split its international private bank into separate European and Asian divisions to lure buyers who are put off by the recent crackdown on tax evasion in Europe.
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By GlobalData"There is nothing going on between us. Many of our customers have reacted very negatively," Collardi told Sonntagsblick.
