There is media speculation that the international arm of Coutts has been sold by parent Royal Bank of Scotland - the market is now braced for an announcement.

An announcement as soon as today could be made about who has bought Coutts International, the non-UK wealth management business of Royal Bank of Scotland, this publication understands.

A report yesterday by the website Asian Private Banker quoted unnamed sources saying that Geneva-based Union Bancaire Privee has bought all of Coutts International apart from RBS's onshore private bank in India.

Another bank, DBS, which is headquartered in Singapore, has been cited as a potential bidder for all or parts of the Coutts International business. DBS bought the Asian private banking arm of Societe Generale last year. In UBP's case, acquisitions have been part of its growth strategy and it has made a number of deals. In 2011, it bought the Swiss arm of ABN AMRO; in 2013, it bought the international private banking segment of Lloyds Banking Group and added hedge fund assets via M&A, as well as buying a book of business from Santander.

RBS and UBP both declined to comment about the matter.

There has been speculation for weeks that the business was about to be sold. Last year, RBS announced it was offloading its non-UK wealth management operations, seen as part of steps by the UK-listed bank to restore profitability and move closer to eventual privatisation.