RBS Coutts Under Investigation for Links to 1MDB
Switzerland’s financial markets regulator Finma is commencing a probe into RBS Coutts Swiss unit and its links to 1MDB. The Swiss authorities have launched an inquiry in relation to “certain client accounts held with Coutts,”the former Swiss based arm of RBS’s private bank disclosed on Friday adding that it is co-operating with regulators in other countries in relation to the same client accounts.
“ Switzerland’s financial markets regulator Finma is commencing a probe into RBS Coutts Swiss unit and its links to 1MDB ”
~ Financial Times
The latest development comes as RBS posted a doubling of losses to almost £1billion in its first-quarter results
About RBS Coutts
Coutts & Co is a private bank and wealth manager founded in 1692. It is the seventh oldest bank in the world, and has been owned by The Royal Bank of Scotland Group (RBS) since 2000, when RBS purchased its parent, NatWest. Coutts forms part of the Group’s private banking division.
The bank acquired Zürich-based Bank von Ernst & Cie in 2003 and in 2008, Coutts Bank von Ernst and other Coutts International subsidiaries became RBS Coutts Bank. These traded as RBS Coutts International to align them with the parent RBS Group until 2011, when RBS Coutts was renamed Coutts & Co. Limited.
In March 2015, RBS sold Coutts International to Union Bancaire Privéefor an undisclosed sum, as part of a plan to focus the group on fewer markets in a simplified proposition
Visit: RBS Coutts
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