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
-
Water companies blocked from using customer money to pay “undeserved” bonusesThe regulator has blocked three water companies from using billpayer money to pay £1.5 million in exec bonuses
-
Will the Bitcoin price hit $100,000?With Bitcoin prices trading just below $100,000, we explore whether the cryptocurrency can hit the milestone.
