Several banks have been shortlisted for the second round of bidding for Coutts International.
It is estimated the international private banking arm of the Royal Bank of Scotland (RBS) will be sold for around £641m ($1bn, €850m), according to a report from Reuters.
Investec, DBS Holdings, Julius Baer, Sarasin, Credit Suisse, and Societe Generale are among those rumoured to be on the shortlist to purchase Coutts, which is best known for having the Queen as a customer.
It is alleged the first round of the sale process attracted around a dozen suitors, which has since been reduced to five in the second stage.
No final bidding date has been set, but it is expected the sale will be confirmed over the coming months.
The move is part of the firm’s plan to restructure its business to focus its attention on its UK operations. RBS have said, however, they will continue to deliver a wealth management service to UK expats.
Media reports suggest Coutts International, which runs operations in Singapore, Hong Kong, Dubai and Abu Dhabi, will be split into London and Zurich-based businesses.