RBS has agreed to sell to the Swiss company Union Bancaire Privée. An RBS stock exchange announcement read: "The sale comprises client relationships outside the British Isles and associated staff. RBS will continue to service UK private banking and wealth management client needs, together with those of international clients with a strong connection to the UK, from the British Isles through its Coutts and Adam & Company brands.
"The sale includes relationships managed from Switzerland, Monaco, UAE, Qatar, Singapore and Hong Kong."
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Alison Rose, chief executive of commercial & private banking at RBS said: "Last year we set out a clear strategy to create a truly UK-focused bank. This announcement is another important step in that process. Following an extensive review, it was clear that the bank we are building would not be the most appropriate owner of the business being sold.
"We gave careful consideration to identifying a buyer with the capability to take on this business in order to minimise the impact on clients and staff. We believe that in UBP we have found a good long term owner for this business.
"There will be no interruption of service for clients of Coutts or Adam & Company and we remain committed to improving all aspects of our market leading businesses.
"Our Private Banking brands are integral to RBS, supporting our ambition to make this the number one bank for customer service, trust and advocacy in the UK."
The sale is subject to regulatory approval.