COUTTS & Co, the historic wealth manager and private bank, has named its next chairman.
Financial services veteran Lord Philip Remnant joined Coutts as a non-executive director yesterday and will succeed Lord Waldegrave as chairman from January 1, subject to regulatory approval.
Lord Remnant is a past deputy chairman of the Takeover Panel and chairman of the Shareholder Executive. Currently a non-executive director of Prudential and Severn Trent, he was previously vice chairman of Credit Suisse First Boston Europe and head of the UK Investment Banking Department.
Coutts, which is ultimately part of Royal Bank of Scotland owner NatWest Group, has Scottish roots that stretch back to 1692, and once counted Sir Walter Scott and Andrew Carnegie among it clients.
NatWest chairman Sir Howard Davies said: “We are looking forward to welcoming Lord Remnant to the Coutts & Co Board. Lord Remnant’s experience and strong financial background mean he will be an excellent addition to the board and will add immense value to guide and inform Coutts business priorities going forward.
"I would also like to record my thanks to Lord Waldegrave for his excellent stewardship of Coutts & Co over the past decade.”
Lord Remnant said: ”It is an honour to be asked to join the board and to become chairman next year. I am much looking forward to working with the board and the management team as Coutts continues to build on its reputation as one of the UK’s leading private banks and wealth managers.”
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