In February 2015, The Royal Bank of Scotland plc announced changes to its business aimed at creating a more focused and sustainable bank in the long term, with a client-focused product offering and a reduced geographical footprint. At the same time, the bank confirmed its intention to re-focus on home market capabilities in the UK and Ireland(1).
As a result, RBS ceased providing global transaction services - including bank accounts, payments, electronic banking, and cash management services (collectively referred to as “GTS Arrangements”) - outside the United Kingdom and Ireland, as well as from the GTS International Platform within the UK and Ireland.
Additionally, the internationally managed private banking and wealth management business of Coutts & Co Ltd, a company registered and headquartered in Switzerland, was sold. This sale included the Coutts & Co Ltd private banking operations managed from Switzerland, Monaco, Singapore, and Hong Kong.
In this context, RBS undertook an extensive client communication process to facilitate the closure of its international network.
