NatWest in talks to sell private bank Adam & Co

Alison Rose

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.

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