RBS Coutts have launched a shipping wealth
service to attract RBS high net worth (HNW) corporate shipping
clients into its private bank.
The private bank has pushed for an
international team based mainly in Switzerland, Singapore, Monaco
and the UK to manage the portfolio of RBS clients and provide
shipping wealth solutions.
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RBS’ shipping portfolio stood at £14bn
($21.9bn) in the latest annual earnings statement reported at the
end of June 2010.
The unit will offer its HNW clients shipping industry advice on
cross border structures and lending, investments and taxation.
Coutts will target shipping families in Greece, home to the
wealthiest shipping dynasties in the world, and later expand to
Asia and elsewhere in Europe.
Ex-Barclays Wealth wealth management director,
Elena Mavrogonatou, has been hired as head of Coutts Shipping
Wealth, responsible for Greek and Cypriot shipping and industrials
markets.
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By GlobalData
Shipping joins yacht and jet financing
business
RBS Coutts already has an established
international yacht-financing business as part of the strategy to
expand its offering to ultra high net worth individuals.
The shipping wealth unit will also complement
RBS Coutts’ jet financing service to private banking international
clients launched in November 2009 through Lombard, the leasing
subsidiary of RBS.
