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Coutts names new head of international arm

Published 04/27/2011, 10:40 AM
Updated 04/27/2011, 10:44 AM
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* Chief exec retires as unit rebranded with Coutts name

* Aim to expand internationally away from core UK market

LONDON, April 27 (Reuters) - The international arm of Royal Bank of Scotland's Coutts private bank has recruited a new head to replace Chief Executive Gerhard Mueller who is retiring.

Alex Classen, a former head of private wealth for Europe and the Middle East at Morgan Stanley, starts in his new role as head of the international business at Coutts on May 2, a spokeswoman said.

In his new role he will report to the head of RBS's wealth division Rory Tapner who joined the bank from UBS in August.

Tapner recently embarked on a shakeup of the wealth business, seeking to make it less UK focused, double in size and use the historic Coutts brand for the international arm.

The Zurich-based international private bank is currently called RBS Coutts, and Mueller will join the board of directors after stepping aside.

Under the new order, the bank is set to target a significant expansion of client numbers in the Middle East, eastern Europe and Asia, Tapner said in an interview last month.

The bank plans to rebalance its mix of customers away from the home British market of Coutts, whose account holders include Queen Elizabeth, reducing the proportion of clients from about 60 percent British to about 40 percent. (Reporting by Chris Vellacott; Editing by Jon Loades-Carter)

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