This move follows the completion of the sale of the Adam & Company investment management business to Canaccord Genuity Wealth Management (Adam’s banking and lending business is not part of the sale).
Coutts is building on its Scottish roots which date back to 1692. Its origins lie in three Scottish families: the Campbells, who founded the original goldsmith-banking shop; the Middletons, who moved the business to banking; and the Coutts family who laid the foundations of the modern bank. It has also had many notable Scottish clients including Sir Walter Scott, Sir Charles Bell, John Rennie and Andrew Carnegie.
Moving forward, it will now be far more convenient for Scottish clients to access Coutts broader private banking offering, including modern services such as multi-currency debit cards and flexible lending. It is also the centre of excellence for investment and asset management across NatWest Group, delivering industry-leading performance. Clients can benefit from its highly personal approach and exceptional service combined with its digital innovation, which provides greater choice in terms of accessibility.
Alongside being a digitally enabled bank, it is also ahead of the curve on the things that matter to clients such as ESG and sustainability. Coutts recently became the first major UK private bank and wealth manager to become B Corp certified (businesses that balance purpose and profit) and was one of the first banks to successfully sign up to the FRC’s (Financial Reporting Council) revised UK Stewardship Code, an independent global industry benchmark. It holds companies to account and ensures that those investing for British savers and pensioners create long-term value and contribute to a more sustainable future.
Peter Flavel, CEO Coutts, said: “This exciting development allows us to provide an on-the-ground Coutts presence in Scotland. We’ve had an excellent track-record with Adam & Company, and we are delighted that we are able to continue serving Scotland’s private banking market with a wider product and service offering.
“Scotland is an important part of the NatWest Group’s heritage and through our network of Scottish offices and experienced locally-based team, our commitment to our clients and colleagues remains unwavering. A big focus going forward is to create value beyond products and services by helping clients achieve their goals without compromising their values. Doing well by doing good can go hand in hand and for us, responsible investing isn’t just the right thing, it’s the smart thing.”
Current Adam & Company banking and lending clients will continue to be served under the Adam & Company brand until the proposed integration of the business into Coutts in mid-2022, subject to the approval of the Court of Session.
Coutts is a wealth manager and private bank with three centuries of experience, providing customised solutions for its clients. These include discretionary and advisory investment management services as well as advice on philanthropy, family businesses, succession planning and commercial banking services to corporate clients. Coutts is part of NatWest’s wealth businesses and as a certified B Corp is required to consider the impact of its decisions on its customers, workers, suppliers, community and the environment. For further information please visit www.Coutts.com