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Coutts considers sale of overseas division

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Coutts considers sale of overseas division

RBS is considering the sale of subsidiary Coutts' overseas operations as part of a review of its wealth management services.

The international business has offices in Hong Kong, Abu Dhabi, Qatar, Dubai, Geneva, Zurich and Monaco, which could be disposed as Coutts is integrated into RBS' commercial lending division under a strategic review of the group.

RBS told the Financial Times: ‘We announced in February that Coutts will sit within our commercial and private banking division, where we can better connect it with the successful entrepreneurs and growth businesses who are creating wealth.

‘As part of the transition and integration of this business, we have been reviewing our private banking business so that it works for the benefit of our customers.’   

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