On March 27, 2015, The Royal Bank of Scotland Group plc (RBS) announced it has reached an agreement to sell its internationally managed Private Banking and Wealth Management business, branded as Coutts, to Union Bancaire Privée UBP SA (UBP).

The sale includes relationships managed from Switzerland, Monaco, UAE, Qatar, Singapore and Hong Kong. As at 31 December 2014 assets under management were approximately CHF 32 billion and total risk weighted assets were CHF 2 billion. The price paid will be determined in part by assets under management on closing. Initial closing of the transaction is envisaged in Q4 2015, when a majority of the business is expected to transfer, with the remainder during the fi rst part of 2016.