MBO ahead for Coutts & Co’s Jersey trust, company admin biz
The current senior management team of Coutts & Co Trustees (Jersey), including chief executive Martin Hall, has entered into a binding sale and purchase agreement to complete a management buyout of the company from its parent, Royal Bank of Scotland plc’s Coutts & Co.
In a statement, Coutts said that the MBO was coming in the wake of a decision by Coutts to “[continue] to focus on its strategy of being a UK-focused bank”,and that the deal was expected to complete, subject to regulatory approval, by the end of the year.
“The decision to sell our Jersey Trustees company is a natural one, as we continue to focus our attention on the UK following the sale of Coutts International earlier this year,” Coutts’ chief operating officer Grant Parkinson said, in a statement accompanying the announcement.
“I am very pleased we have agreed a sale with the current management team…such an outcome will result in minimal disruption to our clients.
“Coutts is committed to continuing to provide UK-based trust and company administration services and world class private banking and investment management services in Jersey, where we have recently welcomed 800 new clients to our Wealth Management business.”
Hall, of the Coutts & Co Trustees MBO group, said the planned deal was “a natural extension of the point to which we have brought our high-quality private client business in recent years”.
“It means that our new and existing clients can look forward not only to continuity, but also to the team’s expertise and quality of service remaining at the heart of their relationship with us.”
The two other members of the MBO team are Naomi Rive and Miles Le Cornu, according to Coutts.
Last year, RBS revealed it had reached an agreement to sell its internationally-managed private banking and wealth management business to Switzerland’s Union Bancaire Privée. The deal, which resulted in a £200m goodwill write-down for RBS in 2015, completed earlier this year.