Italian bank Intesa Sanpaolo is considering making a bid for the Coutts, the wealth management arm of the Royal Bank of Scotland.
The possible bid is part of a strategy to deploy €16bn of excess capital, FTAdviser’s sister title the Financial Times reports today (24 November).
The report also said that Carlo Messina, the bank’s chief executive, said asset managers, insurers and private banks were all on the acquisition agenda, with expansion in the UK in particular being a top priority.
Last month, RBS hired Goldman Sachs to run the sale of Coutts International.
However, the FT reports that a source close to the situation said Intesa was trying to persuade RBS and its advisers to sell the whole of Coutts, not just the international business.
Coutts International is expected to be valued at more than £500m, and last year it made a £67m operating profit on £21.5bn of assets under management.
A spokesperson for RBS said: “We are absolutely committed to Coutts in the UK.”
The FT reported that other banks to have signalled an interest in buying the business are Julius Baer and EFG.
ruth.gillbe@ft.com
