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October 3, 2022

Private bank Coutts names new chairman

Coutts, the private banking and wealth management unit of UK-based NatWest Group, has named Philip Remnant as its new chairman.

Remnant, who has joined the private bank as a non-executive director on 30 September 2022, will replace the group’s current chairman Lord Waldegrave on 1 January 2023.

The appointment awaits regulatory approval.

Remnant is currently serving as a non-executive director of Prudential and Severn Tre.

He had also worked as the deputy chairman of the Takeover Panel and chairman of the Shareholder Executive.

Earlier, he was the vice chairman of Credit Suisse First Boston Europe and led the UK Investment Banking Department.

NatWest chairman Sir Howard Davies said: “We are looking forward to welcoming Lord Remnant to the Coutts & Co Board.

“Lord Remnant’s experience and strong financial background mean he will be an excellent addition to the board and will add immense value to guide and inform Coutts business priorities going forward.

“I would also like to record my thanks to Lord Waldegrave for his excellent stewardship of Coutts & Co over the past decade.”

Remnant added: “It is an honour to be asked to join the board and to become chairman next year.

“I am much looking forward to working with the board and the management team as Coutts continues to build on its reputation as one of the UK’s leading private banks and wealth managers.”

In the first half of this year, Coutts posted an operating profit of £187m, up from £146m compared to the previous period.

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