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Coutts expands in Monaco to tap East Europe's rich

LONDON
Fri Nov 6, 2009 4:32am EST
Luxury boats are moored in the Monte Carlo harbour, July 2 2009. REUTERS/Charles Platiau

LONDON (Reuters) - Coutts & Co, the private banking arm of Royal Bank of Scotland, said on Thursday it has hired a new senior banker for its Monaco office with a brief to develop new business with clients from Russia and eastern Europe.

Robert Edwards joins from Compagnie Monegasque de Banque where he also had the job title senior private banker, and has 13 years of industry experience.

Coutts is headquartered in London and traces its origins back to 1692, counting Queen Elizabeth II among its cients.

James Fleming, head of international private banking at the bank said in a statement the hire reflects rapid growth in its Monaco client base.

Monaco has emerged since the 1990s as a popular playground and financial centre for Russia's new wealthy who are attracted by the sunshine and lenient tax treatment of their investments.

The micro state recently indicated it would soon be in a position to join the global "white list" of nations using internationally recognised tax standards.

(Reporting by Chris Vellacott)

(For the Hedge Hub blog: blogs.reuters.com/hedgehub) (For Global Investing: here)


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