Swiss private bank Banque Syz & Co is reportedly looking to buy part of Coutts’ international business as part of its expansion strategy in Europe, Bloomberg has reported.
"We might be one of the contenders for part of Coutts, but it depends how it’s sliced and diced," Eric Syz -owner and co-founder of the bank-told Bloomberg in an exclusive interview.
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"Nobody’s seen the details of what’s for sale, or whether they might sell it in tranches to different buyers.
Syz & Co is seeking to acquire businesses with between CHF1 billion (US$1.1 billion) and CHF10 billion of client assets under management, Syz added.
Coutts had CHF32.6 billion in client assets at its separate Zurich-based international arm at the end of last year.
Syz revealed that the bank has analyzed about five businesses in Switzerland and the rest of Europe as potential targets.
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By GlobalDataOn August 11, PBI reported Coutts has opened up the books on its international unit.
