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  1. Wealth
September 28, 2009

Times: RBS to sell AM division, not Coutts

By Spear's

Royal Bank of Scotland (RBS), the taxpayer-backed bank, is selling off part of its asset management division in an attempt to reduce its dependency on the Government.

Royal Bank of Scotland (RBS), the taxpayer-backed bank, is selling off part of its asset management division in an attempt to reduce its dependency on the Government.

The bank is planning to break up RBS Asset Management, which manages about $50 billion (£30 billion) of assets, keeping hold of Coutts, the Royal Family’s bank, and selling the other half for about £300 million.

Although several approaches have been made to buy Coutts, RBS is believed to want to keep the bank, which specialises in advising high-net-worth individuals.

After a strategic review, which finished in February, Stephen Hester, the chief executive of RBS, and other executives decided that the remainder of the division was non-core and began to discuss selling it.

To read the full story, visit timesonline.co.uk

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