ZURICH (dpa-AFX) - Italian lender Intesa Sanpaolo S.p.A. (IITSF, ISNPY) is considering a bid for Coutts International, the wealth management arm of Royal Bank of Scotland Group plc. (RBS, RBS.L), the Financial Times reported.
Coutts's international operations were recently put up for sale by RBS. RBS last month hired Goldman Sachs to run the sale of Coutts International. Intesa was trying to persuade RBS and its advisers to sell the whole of Coutts, including the prized UK business, whose customers include Queen Elizabeth, the report said citing people familiar with matter.
RBS reportedly said the process of selling the international business was progressing but ruled out a sale of the UK franchise.
According to report, Coutts International is expected to be valued at more than 500 million pounds. Among other banks to have signalled an interest in buying the business are Switzerland's Julius Baer and EFG. UBS and Credit Suisse, as well as Singaporean bank DBS and Brazil's BTG Pactual, are also expected to consider bids.
Copyright RTT News/dpa-AFX