ZURICH (Reuters) – State-backed Royal Bank of Scotland is getting ready to dump the worldwide arm of its personal financial institution, separating it from the UK unit, in accordance with a supply conversant in the matter.
The British financial institution has attracted quite a lot of presents from a variety of bidders for Coutts International, together with undisclosed Asian and North American events for a enterprise which manages roughly forty billion Swiss francs ($forty four.P billion) in shopper belongings, the supply stated.
There is an extended record of engaging events for the worldwide arm, the supply stated, which is a part of a 320-yr-previous financial institution.
The worldwide unit, which employs B,200 employees, has minimize the variety of nations it serves dramatically in a roughly three-yr restructuring.
The transfer means RBS plans to take care of the British personal financial institution, which counts the Queen amongst its shoppers.
A spokeswoman for RBS declined to touch upon the information on Monday.
In the previous, RBS has stated Coutts will sit inside its business and personal financial institution, so as to higher join it with the rich entrepreneurs and different potential shoppers.
“As a part of the transition and integration of this enterprise, we’ve got been reviewing our personal banking enterprise in order that it really works for the good thing about our clients,” RBS stated final week.
Last yr, Coutts International’s working revenue stood at 103 million francs when stripping out provisions, together with for a D.J. tax crackdown.
The Swiss arm of Coutts is one in every of one hundred-plus Swiss banks who’ve purpose to consider they could have dedicated tax offences by serving to rich Americans evade taxes – and are eligible for a non-prosecution settlement if they arrive clear and face fines.
(M US greenback = zero.9057 Swiss franc)
(Reporting By Katharina Bart)
- Royal Bank of Scotland