Royal Bank of Scotland (RBS) has formally launched the sale of international operations of its private banking arm Coutts, Reuters has reported, citing a person with knowledge of the matter.
The potential bidders who will participate in an auction include Credit Suisse, Julius Baer and Malayan Banking, DBS Group Holdings and United Overseas Bank, Societe Generale, HSBC, Bank J Safra Sarasin, BNP Paribas and Canada’s Bank of Montreal.
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A sale of Coutts International could fetch £1bn to RBS as well as help the bank to focus on domestic lending.
Sources said that first-round of bidding is expected before Christmas.
Additionally, RBS and its advisor Goldman Sachs have sent sale documents containing financial and other details of the business to the potential bidders.
Royal Bank of Scotland (RBS) could split its international private bank into separate European and Asian divisions to lure buyers and to secure a better price.
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By GlobalDataSwiss private banks are considered to be first choice for the business if RBS decides to sell the business in one chunk.
