Royal Bank of Scotland is planning to sell its Luxembourg-based fund management arm as part of a restructuring plan to focus on the UK commercial and retail banking market.

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The state-backed lender has appointed PwC to advise on the sale of the offshore business that oversees £20bn in assets.

"In line with our strategy to make RBS a smaller, more focused bank, we have taken the decision to sell RBS (Luxembourg)," the bank said in a statement.

The fund management business, with Industrial and Commercial Bank of China as one of its largest clients, focuses on governance, ensuring that asset managers’ funds are compliant with regulations, such as Ucits.

The decision comes as part of the global retrenchment strategy, under which RBS is pulling out of 25 of the 38 countries in which it operates.

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The first phase of process of selling the Luxembourg-based fund management has begun with PwC helping the bank to select a ‘limited number of potential buyers’.