One of the more recognisable names in global private banking has taken on a new role at the blue-blooded banking brand, Coutts & Co, and its sister firm, Adam & Co.
Royal Bank of Scotland today announced that Peter Flavel, former chief executive for Asia private banking at JP Morgan, has joined Coutts & Co and sister bank Adam & Co as its private banking CEO. As part of the change, Michael Morley, CEO of Coutts & Co, steps down. He will remain at the group until the end of May.
Flavel had been at the US bank since 2011; previously, he had led the private banking arm of Standard Chartered.
Based currently in Singapore, Flavel moves to London to take on his new position.
“Michael has been instrumental in guiding the business over the past seven years particularly through a significant period of change. He now feels it is the right time to hand over the reins as the business takes a new direction and re-focuses on growth,” Alison Rose, CEO of Commercial & Private Banking at RBS, said.
Last year, RBS sold its non-UK private banking businesses to Geneva-headquartered Union Bancaire Privée, as RBS moved to restore its profitability and return, eventually, to full private ownership. (RBS is currently majority-owned by the UK government.)
“As we near the completion of the sale of our Swiss and Asia businesses to UBP, we reach an important milestone. We are investing in our business in the UK and our strong Coutts and Adam brands with a focus on remaining the leading choice for Private Banking and Wealth Management,” Rose added.