The appointment comes after the current chairman Lord Remnant announced his plan to retire from the UK bank, part of NatWest Group.

The Coutts & Co board has confirmed the appointment of Dame Anne Richards (pictured) as successor to Lord Remnant as chair of Coutts & Co, following the announcement in January that he intended to retire for personal reasons.

The appointment will take effect later in the year, subject to regulatory approval.

Richards brings financial services and wealth management experience to the board. She is currently vice chair of Fidelity International and chair of TheCityUK Leadership Council. She is a past CEO of Fidelity International and M&G Investments, as well as having held senior positions at Aberdeen Asset Management, Mercury Asset Management and JP Morgan.

“Anne’s wealth management experience and strong financial background mean she will be an excellent addition to the board as we look to unlock the significant growth potential we see in private banking and wealth management,” Rick Haythornthwaite, chairman of NatWest Group, said. “I would also like to record my thanks to Lord Remnant and my appreciation for his willingness to remain in an advisory capacity, which will offer Anne and Coutts continuity.”

“She is very well known and respected in financial services, and her banking and wealth management experience will bring additional strength to the board and to the business,” Remnant said. “It has been a privilege to have served as the chairman of Coutts. Following an orderly handover to Anne later this year, I am looking forward to supporting our CEO, Emma Crystal and the management team in an advisory capacity.”

The bank has been making a series of significant hires, most recently James Todd was appointed as managing director Coutts coverage, reporting to CEO, Emma Crystal. Dalia Hammoudi, was also appointed as managing director of Coutts International Markets.