RBS put Coutts’ international operations up for sale last year as part of chief executive Ross McEwan’s plans to increase the group’s focus on the UK. Ten banks were reported to have entered the first round of bidding for the business, valued at around $1bn (£650m). Royal Bank could consider selling Coutts International to a single buyer or offloading the businesses in Asia and Europe separately. Meanwhile, Royal Bank has been granted a waiver by the US Federal Reserve from rules that will require some bigger European banks to set up separate US holding companies from next year that will be subject to demanding capital and reporting provisions.

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