Coutts to focus on UK and key geographies after LatAm sale

The Royal Bank of Scotland has reiterated the focus of wealth manager Coutts on the UK following the sale of its Latin American, Caribbean and African business to Royal Bank of Canada (RBC).

The move sees the Latin American, Caribbean and African Coutts business, which manages around £1.5 billion, sold to RBC Wealth Management.

In a market statement, the state-owned bank announced: “RBC Wealth Management is committed to growing its business in these markets and clients will continue to experience an excellent level of service.

“This intended sale is in line with Coutts’ strategy to focus its growth on key geographies which include the UK, Switzerland, Russia/CIS, the Middle East and selected markets in Asia.”