RBS set to sell Coutts International to Swiss Bank UDP

Royal Bank of Scotland (RBS) has agreed to sell its international private arm Coutts International, to Union Bancaire Privee (UBP), the Swiss private bank.

The deal is expected to be announced on Friday, with UBP is estimated to pay between $600m and $800m for Coutts’ non-UK operations.

RBS’ plan to split Coutts in two and ell off international operations while keeping those in the UK was announced last year, but the auction was delayed by the recent appreciation of the Swiss fanc and political controversy surrounding HSCS’s tax evasion scandal.

UBP beat competitors Credit Suisse and a consortium of Societe General and DBS in the final round of bidding.