The move forms part of the lender’s strategy to deploy €16bn of excess capital.
In an interview with Financial Times, Intesa Sanpaolo chief executive Carlo Messina said the bank had emerged as one of the strongest eurozone lenders in the European Central Bank’s recent health checks, which positions it perfectly to buy rivals’ operations across Europe.
"We had an excess of capital, certified by the ECB, of €13bn at the end of [last] December.
"Now we have €16bn of excess capital. We are by definition a potential consolidator."
According to Messina, asset managers, insurers and private banks were in their sights, with expansion in the UK being a top priority.
People close to the bank said Coutts was among the most interesting assets available to the lender.
One of the sources to Financial Times that Intesa was trying to persuade RBS and its advisers to sell the whole of Coutts, including the UK business.
RBS has recently put up international operations of Cottus for sale, which is expected to fetch the bank more than £500m.
Earlier this month, an information memorandum for the overseas business was distributed to potential bidders, while first-round bids are expected by the year-end.
RBS said the sale process was progressing but ruled out the plans to offload the UK franchise.
The bank said in a statement: "We are absolutely committed to Coutts in the UK."
Julius Baer and EFG have already expressed an interest in the acquisition, while UBS, Credit Suisse, DBS, as well as Brazil’s BTG Pactual, are also expected to consider bids, according to the publication.
The Switzerland-based Coutts International serves clients in Asia, Europe and the Middle East, and employees 12,000 people in seven countries.
Image: Intesa Sanpaolo is planning to submit a bid for RBS wealth management division, Coutts. Photo: MarkusMark.
