Asia’s booming economies are churning out new millionaires at a rapid rate and wealth managers have been vying for a slice of this growing pie. But in the wake of the global financial crisis, some private banks are now bowing out of the region due to mounting costs and stricter regulation.
Royal Bank of Scotland is the latest to succumb. The UK-based bank announced in early August that it wanted to sell Coutts International, the overseas arm of the private bank that boasts the British royal family and David Beckham among its clients a move that could raise as much as $1 billion, according to market sources.
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