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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Shares of RBS were down 1.95% at 28.6p in afternoon trade on Tuesday.
NR
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
