NatWest Group is in talks to sell its Scotland-based private banking operation Adam & Company, Sky News reported.
It is working with investment bank Evercore to find a buyer for the majority of the private bank.
Reports claim that Adam & Co’s lending book would be folded into Coutts, NatWest’s largest wealth management operation.
There are a number of firms in the running to acquire the rest of the Adam & Co business, which could reportedly sell for up to £50m ($70m, €58m).
A spokesperson for NatWest declined to comment on the rumours.
This news comes several months after NatWest Group united all of its wealth businesses together under one private banking arm, which included Coutts, Adam & Company, Holt’s, Drummonds, PCAIS, Natwest Premier Banking and Natwest Premier 24.
