The Royal Bank of Scotland Group (RBS) is reportedly close to a reaching an agreement with Swiss private bank Union Bancaire Privee (UBP) for the sale of Coutts International.
According to a Forbes report, currently the point of contention between RBS and UBP is the sale price for the unit.
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Last year, the British lender said that it expects as much as $1bn from the sale of the business, but the final price is projected to be within a range of $600m to $900m.
RBS, in August last year, unveiled plans for the sale of Coutts’ international unit and formally began taking bids in December.
In October, RBS hired Goldman Sachs to oversee the sale process.
Coutts International forms a majority of RBS’s private banking operations, with the unit housing $36bn of the roughly $50bn in assets the entire business manages.
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