RBS weighs up sale of international arm of private bank for €750m

Royal Bank of Scotland has confirmed it is considering selling the international arm of its private bank, a deal one source said could net it as much as $1bn (€747m) as the British government leans on it to focus more on domestic lending.

The move means that Coutts, founded in the 18th century and best known as banker to the Queen of England, could be split into two businesses — one based in Britain and one in Zurich from where it runs operations in Hong Kong, Singapore, Abu Dhabi, and Dubai that manage nearly $36bn in client assets.

RBS has attracted a variety of offers from a range of bidders including unnamed Asian and North American parties for Coutts International, two sources said.