The Royal Bank of Scotland Group plc (“RBS”) today announced it has reached an agreement to sell its internationally managed Private Banking and Wealth Management business to Union Bancaire Privée UBP SA (“UBP”).
The sale comprises client relationships outside the British Isles and associated staff. RBS will continue to service UK Private Banking and Wealth Management client needs, together with those of international clients with a strong connection to the UK, from the British Isles through its Coutts and Adam & Company brands. The transaction is subject to regulatory approvals.
The sale includes relationships managed from Switzerland, Monaco, UAE, Qatar, Singapore and Hong Kong. As at 31 December 2014 assets under management were approximately CHF32 bln (€30.5 bln) and total risk weighted assets were CHF2 bln (€1.9 bln).
Alison Rose, CEO, Commercial & Private Banking at RBS commented: “Last year we set out a clear strategy to create a truly UK-focused bank. 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.
“We gave careful consideration to identifying a buyer with the capability to take on this business in order to minimize the impact on clients and staff. We believe that in UBP we have found a good long term owner for this business.
The transaction, supported by Goldman Sachs, is subject to regulatory approvals.