(MENAFN- AFP) State-rescued Royal Bank of Scotland on Friday said it has sold the international arm of Coutts private bank to Swiss peer Union Bancaire Privee (UBP) for an undisclosed amount.
The part-sale of Coutts, which counts Queen Elizabeth II among its rich and famous clients, is in line with RBS's strategy of scaling back its international operations following a huge bailout of the bank by the British government during the 2008 financial crisis.
RBS will keep Coutts' British arm following the deal for the international unit reportedly worth between $600 million and $800 million (550 million and 730 million euros), according to the Financial Times newspaper.
The bank has been the Royal Bank of Scotland's international private banking and wealth management arm since 2000, handling assets of more than $30 billion.
The sale follows RBS's decision to create a much slimmer bank, and includes business managed from Switzerland, Monaco, the Middle East, Singapore and Hong Kong.
"Last year we set out a clear strategy to create a truly UK-focused bank," said Alison Rose, chief executive of RBS's commercial and private banking unit.
"This announcement is another important step in that process. Following an extensive review, it was clear that the bank we are building would not be the most appropriate owner of the business being sold," she added in a statement.
UBP said that "the acquisition is an excellent strategic and geographic fit as the international business of Coutts has a strong foothold in markets where, until this point, UBP had a limited presence".
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