(Reuters) - Royal Bank of Scotland (RBS.L) has hired Goldman Sachs to seek buyers for Coutts International and is expected to tell potential suitors that they will not be allowed to use the Coutts brand, the Financial Times reported.
RBS, which intends to retain the UK operations of the bank, has been approached by buyers for parts of Coutts International, such as its Asian operations, but RBS is determined to go ahead with a sale for the entire entity, the FT reported citing people familiar with the matter.
However, RBS may allow a buyer to use Coutts’ IT system, which is believed to be top notch in the private banking industry, FT reported.
Established in 1692, Coutts International is a private bank headquartered in Switzerland and counts Queen Elizabeth II among its clientele, the paper said.
RBS, Coutts International and Goldman Sachs could not be reached for comment outside regular business hours.
Reporting by Ankush Sharma in Bangalore; Editing by Phil Berlowitz