Ashurst is advising Royal Bank of Scotland plc ("RBS") in connection with the sale of its internationally managed private banking and wealth management business to Union Bancaire Privée, UBP SA., the family-owned Swiss private bank.

The business comprises client relationships managed outside of the British Isles from Switzerland, Monaco, UAE, Qatar Hong Kong and Singapore together with associated staff, managing assets of approximately CHF32billion as at 31 December 2014. RBS will continue to service UK Private Banking and Wealth Management client needs, together with those of international clients with a strong connection to the UK, from the British Isles through its Coutts and Adam & Company brands. The transaction is subject to regulatory approvals.

The Ashurst team advising RBS comprised lawyers from the firm's London, Paris, Singapore, Hong Kong, Abu Dhabi and Dubai offices and worked closely with Homburger AG, retained to provide Swiss law advice and the RBS Group Legal Corporate/M&A team.

The Ashurst team was led from London by corporate partner Nick Cheshire, principally assisted by senior associate Bronwen Pyle, together with senior associate Audrius Skeivys and associate Matt Sparks. Partner Crowley Woodford and solicitor Dominic Boon advised on the employment matters of the transaction, while partner Paul Miller and senior associate Philippa Michie advised on the tax aspects. Regulatory advice was provided by senior associate Jake Green. Partner Mark Lubbock and associate Caroline Hogan advised on the commercial aspects.

Support was provided for the transaction from Ashurst's overseas network of offices - in Paris, led by partner Hubert Blanc-Jouvan assisted by associate Nathaniel Merino; in Singapore - led by partner Keith McGuire assisted by counsel Samantha Loh; and in Hong Kong - led by partners Angus Ross and Peter Kwon, assisted by James Comber, Stephanie Chan, Lynn Liu and Lynn Chong; and in the Middle East by partner Alastair Holland and senior associate Chris Young.

The Homburger AG team was led by partner Frank Gerhard and associate Andreas Müller with solicitor Margaret Carty taking the lead for RBS Group Legal Corporate/M&A.