A group of dealmakers at Royal Bank of Scotland is considering a management buyout as the state-controlled bank looks to sell or shut down its advisory business, the Financial Times reported on Monday.

The newspaper cited people close to the plans as saying every effort will be made to sell the business as a Plan A, but conceded that there may be few potential buyers for an advisory team.

Any buyout could involve spinning off a unit with anywhere between 25 and 125 staff, according to bank insiders cited in the article.

The entity would be set up as a pan-European boutique, with offices in London, Paris, Frankfurt and Amsterdam, according to the article.

The operation, which would be essentially self-financing with a limited investment requirement, would still need a degree of financial backing to meet regulatory capital needs.

(Writing by Stephen Mangan; Editing by Dale Hudson)