Operating profit in the first three
months of the year at RBS’s wealth businesses was down 8% to
£80m ($131m) compared to the last quarter of 2010.
Private banking income increased 5% to £231m
over the same period.
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Assets under management in RBS’s wealth
divisions increased by 7% to £34.4bn.
Expenses grew by 10% to £196m, pushing
the cost-income ratio at RBS’s wealth division up
four percentage points to 70%.
RBS confirms Coutts branding
shift
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By GlobalDataRBS underlined its commitment to promoting
Coutts as its international brand in the interim statement.
In March, RBS Wealth chief executive Rory
Tapner said RBS would push to win new clients in the Middle East,
Eastern Europe and Asia with the international private bank,
currently called RBS Coutts, branded as Coutts.
Tapner said the UK bank sought to double its
combined assets and liabilities to about £160bn by 2015
RBS also confirmed its new Avaloq IT platform,
already in place internationally, was launched in Adam &
Company during the first quarter of 2011 and will be rolled out to
the rest of the UK businesses during the year.
