Adam & Co, one of Royal Bank of Scotland’s wealth management subsidiaries, is moving into new offices in London’s Mayfair. Reports in the Sc...

Adam & Co, one of Royal Bank of Scotland’s wealth management subsidiaries, is moving into new offices in London’s Mayfair. Reports in the Scottish media say RBS spent more than £9 million on the offices.

The move represents RBS’s desire to raise the profile of the Edinburgh-based private bank and to attract a greater number of clients from London. Coutts & Co, also owned by RBS, recently had its headquarters in the West End of London refurbishment.

There will be some who see the raising of Adam’s profile in London could be in direct competition to Coutts, although RBS denies this, saying the two brands are distinct and do not compete.

The move comes at a time when Mayfair was the top of the league for the most expensive commercial property rates in the world. Average rents in Mayfair are $2,050 per square meter, which is around $700 more expensive than the central business district in Paris—number two on the list.