By Ian Walker
LONDON--Royal Bank of Scotland Group PLC (RBS.LN) said Friday it
is selling its internationally managed private banking and
wealth-management business to Union Bancaire Privée UBP SA, for a
price to be based on their assets under management on closing.
The bank, which is 80% owned by the U.K. government, said the
sale includes client relationships outside the British Isles and
associated staff. However, it will continue to service U.K. private
banking and wealth-management clients' needs, together with those
of international clients with a strong connection to the U.K., from
the British Isles through its Coutts and Adam & Company
brands.
At Dec. 31, 2014 assets under management of the business being
sold were 32 billion Swiss francs ($33.38 billion) and total
risk-weighted assets were CHF2 billion.
"Last year we set out a clear strategy to create a truly
U.K.-focused bank. This announcement is another important step in
that process," said Alison Rose, commercial & private banking
chief executive.
RBS said it expects to book a charge of 200 million pounds
($298.52 million) in its first-quarter earnings, primarily relating
to the goodwill write off.
The deal is expected to close in the fourth quarter of this
year, subject to regulatory approvals.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
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