NatWest in talks to sell private bank Adam & Co
Royal Bank of Scotland owner NatWest Group is in talks to sell Adam & Co, one of its private banking subsidiaries.
It has been reported that NatWest is working with Evercore, the investment bank, to help divest the majority of Adam & Co’s operations.
City of London sources told Sky News yesterday that Adam & Co’s lending book would be passed on to Coutts, NatWest’s main wealth management operation.
A number of industry giants are said to be attempting to acquire the rest of the business amid expectations that it could be worth up to £50 million.
In 1993, RBS salvaged Adam & Co after it suffered a colossal foreign exchange trading loss.
The private bank, which is named after the renowned Scottish economist Adam Smith, was established in Edinburgh in 1984 by a group of prominent Scottish business figures.
The discussions to sell the investment bank are another step in new chief executive Alison Rose’s plans to revamp the state-backed bank.
The group is expected to post its annual results later this week which will detail the impact of the coronavirus pandemic on its finances.