Investec Limited (JSE:INL) is reportedly planning to bid for Coutts & Co Ltd, Sky News understands. Investec has expressed interest in buying Coutts, which was put up for sale by The Royal Bank of Scotland Group plc (LSE:RBS), Sky News reported. The deal is expected to complete during the course of 2015.

The deal will not include a licence to use wealth management brand, which will be retained by Coutts' UK operations. BTG Pactual Group (BOVESPA:BBTG11) is also reportedly mulling bid for Coutts. Goldman Sachs is advising in the auction.

Investec and RBS declined to comment to Sky News. Investec is understood to have hired advisers to help it plot a takeover. The Singaporean bank DBS and French lender Societe Generale Ghana Limited are in talks to team up to buy the business and carve it up along geographical lines.

Other bidders are said to include Intesa Sanpaolo S.p.A., the Italian bank, Brazil's BTG Pactual Group, and Julius Baer Group Ltd., the Swiss private bank.