RBS to sell private banking business

20th Mar 2012 14:55

Royal Bank of Scotland has announced that Coutts intends to sell its Latin American, Caribbean and African private banking business to Royal Bank of Canada (RBC Wealth Management).The business manages around £1.5bn of assets on behalf of clients located across the three regions.Coutts, RBS's Wealth Management Division, is focusing its growth on key geographies which include the UK, Switzerland, Russia/CIS, the Middle East and selected markets in Asia. Shares of RBS were down 1.95% at 28.6p in afternoon trade on Tuesday. NR