The Royal Bank of Scotland Group has reached an agreement to sell its internationally managed private banking and wealth management business to Union Bancaire Privée UBP, subject to regulatory approval.

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 sale includes relationships managed from Switzerland, Monaco, UAE, Qatar, Singapore and Hong Kong. As at 31 December 2014 assets under management were approximately CHF32bn and total risk weighted assets were CHF2bn. The price paid will be determined in part by assets under management on closing. RBS anticipates receiving a premium.

Alison Rose, CEO, 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.

“We gave careful consideration to identifying a buyer with the capability to take on this business in order to minimise the impact on clients and staff. We believe that in UBP we have found a good long term owner for this business.

“There will be no interruption of service for clients of Coutts or Adam & Company and we remain committed to improving all aspects of our market leading businesses.

“Our Private Banking brands are integral to RBS, supporting our ambition to make this the number one bank for customer service, trust and advocacy in the UK.”