The talks envision a joint venture after the government lifts restrictions at the end of this year on international banks teaming up with Chinese partners, the newspaper said.

China promised to fully liberalize its financial sector when it joined joined the World Trade Organisation (WTO) in 2001.

Gordon Pell, chief executive of retail markets at Royal Bank of Scotland, was quoted as saying by the paper that the joint venture would offer onshore wealth management.

"The really exciting thing is to be in there with a partner who knows the country so well while we know the business," Pell said.

"That's why it's exciting to be in there at this very early stage. We would be bringing intellectual capital and they would be bringing customers."

Coutts, owned by Royal Bank of Scotland, which also has a stake in Bank of China, was founded in 1692 and counts the British Royal family among its clients.

Its 96,000 customers around the world all have at least 500,000 pounds sterling (930,000 dollars) of investable assets.

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