Royal Bank of Scotland has agreed to sell some of its private banking business to Royal Bank of Canada (RBC) for an undisclosed amount.

The state-rescued British bank said in a statement that its private banking unit Coutts, which counts Queen Elizabeth II among its clients, is selling its Latin American, Caribbean and African business to RBC.

Royal Bank of Scotland said the business being sold to RBC manages assets totalling about £1.5 billion (€1.8 billion) across the three regions.

"This intended sale is in line with Coutts' strategy to focus its growth on key geographies which include the UK, Switzerland, Russia/CIS, the Middle East and selected markets in Asia," Royal Bank of Scotland added in the statement.