Coutts, the wealth division of Royal Bank of Scotland, has appointed a new head of UK banking, replacing former head of UK banking, Mike Norfolk, this publication can reveal.

Coutts, the wealth division of Royal Bank of Scotland, has appointed a new head of UK banking, replacing former head of UK banking, Mike Norfolk, who has left to join Australia's ANZ, this publication can reveal.

Stuart Newey joined Coutts in 2001 and has served in several roles across its private banking and wealth management offerings. Most recently, leading the charge on the firm’s business improvement initiatives, implementing WMPP and re-engineering critical business processes.

Norfolk leaves Coutts after a 15 year career, during which he served in a number of senior leadership roles, notably leading the firm’s regional expansion. This includes roles as one of the heads of private banking, as well as a divisional role, driving propositional change in the private banking segment.

Norfolk is set to take up a new role as head of private banking Australia, with Sydney-headquartered ANZ. In his new job, Norfolk will assist with the firm’s current expansionary strategy to become a major regional player and increase earnings by 25-30 per cent in the Asia Pacific before 2017.

Commenting on the appointment, ANZ’s chief executive of global wealth, Joyce Phillips, said that Norfolk had a “proven track record” with private banking clients.

“We are focused on delivering a distinctive private banking proposition and access to world-class investment capabilities, as well as connecting clients to the significant wealth flows across the Asia Pacific region,” she added.

Norfolk will be based in Sydney and will commence his new role in early 2014.