DBS

DBS: The Business Times reported that DBS could be interested to buy the non-UK private banking business of Royal Bank of Scotland (RBS), Coutts International. Speaking at the banks recent 3Q results, DBS CEO Piyush Gupta guided that the bank will take a look at Coutts International when it is put up for sale. According to market sources, Goldman Sachs has been appointed to handle the sale, which is widely expected to be on the market by the end of the year. Mr Gupta added that following DBS’s smooth and successful integration of Societe Generale’s Asian private bank into its operations, DBS is now confident of doing another acquisition. DBS' private bank now has an AUM of $88b (US$68.4b), with wealth management income forming the largest contributor (23%) to the bank’s total fee and commission income businesses, based on the bank’s recent 3Q14 results. As at the end of 2013, Coutts International had AUM of US$36b. While there on-going rumours that bidders would prefer to bid only for parts of Coutts International, such as its Asian Operations, people familiar with the deal opines that RBS is determined to only do a deal for the whole entity. Based on AUM figures published by the Private Banker International in 2013, a successful acquisition of Coutts International could potentially see DBS leapfrog peers and enter the league of the top five largest private banks in Asia.