RBS Sells Coutts International to UBP in Latest Swiss Exit - Bloomberg Business:
"Royal Bank of Scotland Group Plc agreed to sell its Coutts International private bank to Switzerland’s Union Bancaire Privee, becoming the latest foreign bank to retreat from the Swiss wealth market.
The price of the transaction was not disclosed by RBS, the biggest U.K. state-owned bank, nor UBP and may depend on how many client assets are transferred. The sale includes business managed from Switzerland, Monaco, the Middle East, Singapore and Hong Kong and assets under management of about 32 billion Swiss francs ($33 billion), RBS said on Friday.
RBS joins lenders such as Bank of America Corp., Morgan Stanley and Lloyds Banking Group Plc in exiting Switzerland, the world’s biggest offshore financial center, over the past three years. Banks are selling their businesses amid low profitability and international scrutiny of the industry."
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