Intesa considers bid for wealth manager Coutts as part of UK push

Italian bank Intesa SanPaolo is reportedly considering a bid for wealth manager Coutts International as part of its UK expansion plans.

According to the FT, the Italian retail bank is aiming to persuade Coutts' parent Royal Bank of Scotland to sell it as a whole company. The business, including the UK wealth management division which counts the Queen as a customer, was put up for sale in August. RBS has said it does not intend to sell its UK arm, emphasising it is "absolutely committed" to the business, the FT reports. Coutts International includes divisions in seven countries and 1,200 employees and is estimated to be worth $1bn. Swiss private bank Julius Baer is also interested in making a bid approach, accor...