You are here

Swiss private bank UBP says to buy RBS's Coutts International

[ZURICH] Swiss private bank Union Bancaire Privee (UBP) said on Friday it had agreed to buy Royal Bank of Scotland's international private banking arm Coutts International.

"This acquisition confirms our commitment in further developing our wealth management business and represents a significant milestone in our growth strategy," UBP Chief Executive said in a statement.

A spokeswoman for Coutts International said both parties had agreed not to disclose the price of the deal.

Britain's Financial Times reported on Thursday UBP is expected to pay about US$600 million to US$800 million, citing two people familiar with the situation.

A source had told Reuters the range reported was accurate but declined to give further details.