Royal Bank of Scotland (RBS) is planning to divest the overseas business of its private banking arm Coutts as part of a restructuring of its wealth management business.
Under the strategic review, Coutts will be integrated with RBS’s UK commercial lending division, Financial Times has reported.
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The strategic review, which is expected to be announced at an investor day in September this year, will be led by Alison Rose, head of the new commercial and private banking division.
RBS said: "We announced in February that Coutts will sit within our commercial and private banking division, where we can better connect it with the successful entrepreneurs and growth businesses who are creating wealth."
The wealth arm represents 6% of RBS’s 2013 revenues and has generated £221 million operating profit with £29.7 billion of assets under management and £37.2 billion of deposits last year.
The publication said that RBS’s international arm has clients in Asia, the Middle East and Europe, with offices in Hong Kong, Singapore, Abu Dhabi, Qatar, Dubai, Geneva, Zurich and Monaco.
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