BS's US unit Citizens is expected to begin trading on the New York Stock Exchange later today. Earlier this month RBS announced it would sell as many as 161m shares in Citizens - 29pc of the company - at a price between $23 and $25 per share, seeking to raise as much as $3.5bn.
Watched the traders programme and could easily see the attraction. Impression is that it is a business for the young and fit, maybe not so easy for the older chiels among us to invest hard earned savings. Some interesting examples, not least the guy who has been trading for seven years and not made any money but prefers it to the profitable antiques business he was in before. The golf buddy I mentioned previously is already well into it and throws some big money at his trades but I think he is one of very few, he has the funds to work with and lives alone. I'll hear what he has to say tomorrow.
GENEVA, Sept 21 (Reuters) - Swiss private bank Julius Baer is interested in acquiring Coutts International, a unit of Royal Bank of Scotland, but will not get into a bidding war for the venerable British bank's overseas arm, a Swiss paper reported on Sunday.
"Coutts has to be an issue for us, if only because of the name and the brand," Julius Baer chief executive Boris Collardi told mass-market newspaper Sonntagsblick in an interview.
RBS said in August it was considering selling the international arm of Coutts in a deal that industry sources said could net it as much as $1 billion.
Collardi said there had been no talks with RBS.
"I'm sure RBS will contact us once they have decided what to do with Coutts," he said. "We are in the comfortable position that we can wait. There are not many banks that can integrate a business of that size."
The Swiss bank would not enter an auction for Coutts International, he added, since that would simply drive up the acquisition price and would be "a waste of time".
People familiar with the sale process have said that the international wing of the 322-year-old British private bank could be split into Asian and European parts to attract more buyers.
RBS gears up for Citizens float with £5.5 million payout for Bosses: Bosses at Royal Bank of Scotland’s U.S. business will receive a payout worth $9 million (£5.5 million) between them when the taxpayer-owned bank begins to sell off the unit this week.
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