RBS Coutts, the international private banking arm of Royal Bank of Scotland, has launched a new private banking initiative for high net worth female clients in Asia.

RBS Coutts Woman is aimed at assisting HNW women in Asia (those with investable assets of more than $1 million) to manage their wealth and bringing together like-minded women.

According to research commissioned by RBS Coutts, Asia’s HNW females are a largely untapped market – the current penetration of this segment is low at 26 per cent in Hong Kong, amounting to $40 billion of assets under management, and 23 per cent in Singapore, totalling $16 billion in assets currently under management.

RBS Coutts estimates that the Asian HNW female market is potentially worth $55 billion in Singapore and $112 billion in Hong Kong. It is estimated that there are some 16,000 HNW women in Singapore with an average net worth of $4.2 million; and over 37,000 HNW women in Hong Kong with an average net worth of $4.4 million, according to the study.

“Our aim is simple: to empower women to achieve more – financially and beyond – in their way… The women-specific approach broke new ground in the UK when it was launched several years ago; and continues to be very successful. We aim to deliver an equally tailored and effective proposition to women in Asia,” said Esther Heer, head of Private Banking, North Asia at RBS Coutts.

In addition, RBS Coutts, in partnership with the Financial Times, is establishing the Women in Asia Awards to recognise contributions to business and society. The awards will be held in Hong Kong in October 2009.

With offices in Asia, Europe, Latin America and the Middle East, RBS Coutts employs more than 1,200 staff in 10 locations worldwide. The firm employs 500 people in the Asian region, including 150 private bankers.