RBS looking to offload Coutts International

|By:, SA News Editor

Royal Bank of Scotland (NYSE:RBS) is looking to sell Coutts International, its international arm of its private bank, Reuters reports.

The bank has attracted several offers from a range of bidders for the international unit, including undisclosed Asian and North American parties for a business which manages roughly 40B Swiss francs ($44.2B) in client assets.

Last year, Coutts International's operating profit stood at 103M francs excluding provisions, such as the U.S. tax crackdown affecting its Swiss arm.