A Swiss bank is to buy Royal Bank of Scotland's (RBS) international private banking and wealth management arm, though it is unlikely to raise a significant sum for the part-nationalised lender.
The amount to be paid by Union Bancaire Privee (UBP) for Coutts International was yet to be fully determined, RBS said, but added it would take a £200m charge as part of the agreement.
Coutts International, which is separate from the British-based division of Coutts, manages assets of more than $30bn (£20.2bn) and its sale will also come as something of a relief at a time when tax authorities are scrutinising the activities of banks and individuals following the tax scandal at HSBC's Swiss private bank.
German officials are already examining Coutts' operations in Switzerland.
The sale also forms part of RBS's decision to create a UK-focused bank in the wake of its rescue by taxpayers at the height of the banking crisis.
Earlier this week, it confirmed a 25% stake sale in its US operation Citizens, raising $3.2bn (£2.2bn).
The bank said of its Coutts International deal today: "The sale comprises client relationships outside the British Isles and associated staff.
"RBS will continue to service UK Private Banking and Wealth Management client needs, together with those of international clients with a strong connection to the UK, from the British Isles through its Coutts and Adam & Company brands.
"The transaction is subject to regulatory approvals."
The sale includes relationships managed from Switzerland, Monaco, UAE, Qatar, Singapore and Hong Kong.
The price paid, RBS said, would be determined in part by assets under management on closing.
As at 31 December, assets under management at Coutts International were approximately 32bn Swiss francs (£22.3bn).
Total risk weighted assets were 2bn Swiss francs (£1.4bn).
But RBS warned: "The resulting capital benefit to RBS is expected to be modest after writing off goodwill related to the business and taking into account anticipated exit and restructuring costs.
"In the Q1 2015 results, the business to be sold will be treated as a disposal group, resulting in an expected charge in the order of £200m.
Alison Rose, chief executive of commercial & private banking at RBS, said: "Last year we set out a clear strategy to create a truly UK-focused bank.
"This announcement is another important step in that process. Following an extensive review, it was clear that the bank we are building would not be the most appropriate owner of the business being sold."
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