Royal Bank of Scotland is planning to sell off the international arm of its private bank, Coutts International.
RBS issued an internal memo to employees yesterday explaining that it was considering selling or restructuring Coutts International.
However the bank says there are no plans to sell off the UK arm of Coutts.
This move follows a strategic review by the bank of its high net worth business announced in July.
Coutts has international operations in seven countries with 1,200 employees.
Monday’s memo told RBS employees: “We will now work with local management teams to explore options including merging the remainder of the current Coutts International business, considering joint ventures or a sale, thereby reducing RBS’s footprint internationally.
“There are no immediate changes for individuals in these businesses and it is important that we continue to work together to deliver for our customers.”