NatWest Group is bringing all its wealth businesses together under one private banking arm.
The firms affected are Coutts, Adam & Company, Holt’s, Drummonds, PCAIS, NatWest Premier Banking and NatWest Premier 24.
The wealth offering will still provide day-to-day banking, savings, lending, financial planning and investments, and will be headed by Coutts chief executive Peter Flavel, as he becomes chief executive of NatWest Private Banking.
A spokesperson for the bank confirmed to International Adviser that the individual firms will retain their branding.
Favel said: “Combining the collective expertise and resources of our Premier Banking and Private Banking teams will bring a more targeted focus on the wider NatWest Group’s affluent customer-base.
“There are benefits that Premier will bring to Private and vice versa. The new structure means we can focus on the evolving and changing financial requirements of customers through each stage of their lifetime.
“It means delivering excellent day-to-day banking, competitive and flexible savings and lending services together with building our investment AUMs through both our digital and face to face client propositions.
“We will put the asset management expertise of Coutts at the heart of all investment propositions and ensure each client is given the highest possible service,” he added.
People moves
Alongside the business shake up, Dylan Williams will take on the role of head of affluent, to target the UK savings gap; which, the bank said, is expected to reach £350bn ($445bn, €383.6bn) by 2050.
Williams said: “Ultimately, as a purposeful business, we want to do all we can for existing clients whilst also addressing the UK savings gap.
“To achieve both we must build a strategy that delivers not just on competitive day-to-day banking, but helps customers pay down household debt as soon as is practical and builds longer term investments through Isas, pensions and general investment account balances.
“In a post-covid economy that has recently fallen into recession once again, we must do all we can to help not only rebuild the financial confidence of clients that may have been hit, but protect and boost their financial future wherever possible.”
