According to Reuters the Swiss bank Union Bancaire Privée (UBP) will buy Coutts, the British bank famous for having British royalty among its clients.
UBP will however only buy Coutts’ international business, so the British accounts of the royals will not be included in the deal as the UK arm of Coutts remains with Royal Bank of Scotland (RBS).
Coutts has been up for sale since 2011, according to the Financial Times. RBS decided some time ago to refocus on the domestic UK market by scaling back its international activities. RBS, 80% owned by the British government after it was bailed out during the financial crisis, has undergone a major overhaul to shore up its balance sheet.
UBP seems to have been attracted by Coutts International’s Asian business where the business of managing money for the wealthy is growing faster than in Europe.
Reuters also stated that under the deal, UBP will not take on liability for Coutts International’s on-going litigation issues. The final price of the deal is not yet known.
