British wealth management and private bank Coutts has launched its operations in Scotland in a bid to expand its international footprint.
The development follows the completion of the sale of the Adam & Company investment management business to Canaccord Genuity Wealth Management.
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The business is set to be integrated into Coutts in mid-2022, subject to the approval of the Court of Session.
Adam’s banking and lending business was not part of the deal.
Coutts CEO Peter Flavel 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.”
Coutts has appointed Alisdair Dewar to lead its Sottish business spread across offices in Edinburgh, Glasgow and Aberdeen.
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By GlobalDataThe unit will offer Scottish clients with access to a broader suite of private banking offerings, including, multi-currency debit cards and flexible lending.
Flavel further commented: “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.”
Coutts recently become a Certified B Corporation or B Corp. It is said to be the largest private bank and wealth manager in the UK to be granted B Corp status.
Last month, the firm signed the revised UK Stewardship Code, the industry code of conduct for companies investing on behalf of savers and pensioners set by the Financial Reporting Council (FRC).
