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November 20, 2009updated 04 Apr 2017 3:55pm

Coutts expands UHNW service

RBS Coutts has launched a jet financing service for its international clients as it looks to expand its offering to ultra high net worth individuals. It will complement the private banks existing service to UK clients and an already established international yacht-financing business It is understood to be able to provide finance on assets worth up to £40 million ($67 million), according to a report in Leasing Life, another of VRLs financial titles.

By Will Cain

RBS Coutts has launched a jet financing service for its international clients as it looks to expand its offering to ultra high net worth individuals.

It will complement the private bank’s existing service to UK clients and an already established international yacht-financing business. It is understood to be able to provide finance on assets worth up to £40 million ($67 million), according to a report in Leasing Life, another of VRL’s financial titles.

RBS Wealth Management and Global Banking and Markets has given the mandate to Lombard, a leasing subsidiary of RBS. Coutts spokesman Nick Gill confirmed the service was now available to international clients.

“I am sure it is an important business, particularly for the individuals who take the loans,” Gill said. “But it is not on the same scale as the mortgage business, which a large proportion of our clients would be involved with.”

He said Coutts would typically be involved in a handful of jet and yacht financing deals per quarter.

“The financing is done through Lombard, which has more experience and expertise in this area,” Gill added. “It is aimed at a range of international clients who have showed interest in jet and yacht financing and we believe there is plenty of demand for this service.”

Citi Private Bank is one of the best-known wealth managers to offer jet finance, with a specialist unit based in New York.

SG Private Banking also has access to jet finance through its equipment finance division and there has been some surprise in the industry that Coutts has taken so long to launch a service to its international clientele.

It is part of a campaign at Coutts to improve its service suite to individuals with more than £10 million in investable assets. In a separate initiative, the bank announced it would look to triple its adviser numbers for UHNW clients in the next three years.

It is reportedly targeting ultra-wealthy clients in the Middle East and Asia, but most of the new hiring and initial customer acquisition will happen in the UK.

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