RBS confirms it's mulling over sale of Coutts Int'l

[ZURICH] Royal Bank of Scotland has confirmed that it is considering selling the international arm of its private bank, a deal one source said could net it as much as US$1 billion, as the British government leans on it to focus more on domestic lending.

The move means that Coutts, founded in the 18th century and best known as banker to the Queen of England, could be split into two businesses - one based in Britain and one in Zurich from where it runs operations in Hong Kong, Singapore, Abu Dhabi and Dubai that manage nearly US$36 billion in client assets.

RBS has attracted a variety of offers from a range of bidders including unnamed Asian and North American parties for Coutts International, two sources with knowledge of the operation said.