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Encyclopedia > Coutts
Coutts
Type Private
Founded 1692
Headquarters London, UK
Key people Earl of Home, Chairman
Sarah Deaves, CEO
Industry Private banking and wealth management
Products Wealth management - accounts, lending, savings
Parent Royal Bank of Scotland
Website www.coutts.com

Coutts is one of the UK's leading private banks, owned by the Royal Bank of Scotland (RBS). RBS acquired Coutts and all of its overseas subsidiaries when it bought NatWest. Coutts offers a range of private banking services including investment management and advisory services. The term Coutts is most associated with the private bank of the same name. ... Logo of the Coutts&Co Bank File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... The term privately held company refers to ownership of a business company in two different ways—first, referring to ownership by non-governmental organizations; and second, referring to ownership of the companys stock by a relatively small number of holders who do not trade the stock publicly. ... Events February 13 - Massacre of Glencoe March 1 - The Salem witch trials begin in Salem Village, Massachusetts Bay Colony with the charging of three women with witchcraft. ... This article is about the capital of England and the United Kingdom. ... David Alexander Cospatrick Douglas-Home CVO CBE (born 20 November 1943) is the 15th Earl of Home and eldest son of former Prime Minster of the United Kingdom Alec Douglas-Home. ... A Chairman is the presiding officer of a meeting, organization, committee, or other deliberative body. ... Chief Executive Officer (CEO) is the job of having the ultimate executive responsibility or authority within an organization or corporation. ... Private banking is done by major institutional banks known as private banks, which offer financial services to private individuals. ... Wealth Management is a term that originated in the 1990s in US with the Broker Dealers, Banks, and Insurance Companies. ... The term credit can have several meanings in different contexts. ... In common usage, saving generally means putting money aside, for example, by putting money in the bank or investing in a pension plan. ... A holding company is a company that owns part, all, or a majority of other companies outstanding stock. ... The Royal Bank of Scotland plc (Scottish Gaelic: [1]) is one of the retail banking subsidiaries of Royal Bank of Scotland Group plc, which together with NatWest, provides branch banking facilities in the UK. Royal Bank of Scotland has around 700 branches, mainly in Scotland though there are branches in... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos and other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN. A Web page is a document, typically written in HTML... Private banks are banks which are not incorporated, and hence the entirety of their assets is available to meet the liabilities of the bank. ... The Royal Bank of Scotland plc (Scottish Gaelic: [1]) is one of the retail banking subsidiaries of Royal Bank of Scotland Group plc, which together with NatWest, provides branch banking facilities in the UK. Royal Bank of Scotland has around 700 branches, mainly in Scotland though there are branches in... The Classic NatWest logo National Westminster Bank Plc, trading as NatWest, is a commercial bank in the United Kingdom, part of the Royal Bank of Scotland Group. ...

Contents

History

A Coutts office as it may have appeared three hundred years ago. - This mock up is part of the archives of Coutts found in their head office at 440 Strand
A Coutts office as it may have appeared three hundred years ago. - This mock up is part of the archives of Coutts found in their head office at 440 Strand
Mary Peagram, the granddaughter of John Campbell, married James Coutts in 1755.
Mary Peagram, the granddaughter of John Campbell, married James Coutts in 1755.
Three Graces, the daughters of Thomas Coutts
Three Graces, the daughters of Thomas Coutts

The bank which was to become Coutts & Co, was originally known as Campbells Bank. It was formed in 1692 by a young Scots goldsmith-banker, John Campbell of Lundie, Scotland. He set up business in the Strand, London, under a sign of the Three Crowns. Today, the Coutts logo still has the three crowns, and its headquarters is still in the Strand. Image File history File linksMetadata Download high resolution version (1280x960, 311 KB) Summary these life size wax models in the Coutts archives depict how a Coutts office must have looked nearly 300 years ago. ... Image File history File linksMetadata Download high resolution version (1280x960, 311 KB) Summary these life size wax models in the Coutts archives depict how a Coutts office must have looked nearly 300 years ago. ... Image File history File linksMetadata Download high resolution version (531x654, 95 KB) Summary Mary, the granddaughter of John Campbell, married James Coutts, a Scottish banker, in 1755. ... Image File history File linksMetadata Download high resolution version (531x654, 95 KB) Summary Mary, the granddaughter of John Campbell, married James Coutts, a Scottish banker, in 1755. ... Image File history File links Download high resolution version (972x695, 318 KB) Summary Three Graces, Daughters of Thomas Coutts Licensing File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Image File history File links Download high resolution version (972x695, 318 KB) Summary Three Graces, Daughters of Thomas Coutts Licensing File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Events February 13 - Massacre of Glencoe March 1 - The Salem witch trials begin in Salem Village, Massachusetts Bay Colony with the charging of three women with witchcraft. ... Strand, May 2001 St. ... The Lesser Coat of Arms of the Realm of Sweden Three Crowns, or Tre Kronor, is a national emblem of Sweden. ...


Campbell died in 1712, leaving the business to members of his family. The dominant force was Campbell's son in law, George Middleton, who had become Campell's partner in 1708. During the years of Middleton's stewardship, the bank was going downhill, buffeted by one crisis after another. The Jacobite revolution of 1715 threatened the Stability of the banking system, John Law, the Comptroller of France's finances, owed a great deal of money to the bank when the Mississippi Company bubble burst in 1720 and the English stock market collapsed in the same year. Stability for the bank did not return until 1735. John's son, George Campbell was also a partner, and ultimately became the sole partner after the death of Middleton in 1747, after which the bank was renamed the "Bankers of 59 Strand". // Events March 23 - James Francis Edward Stuart lands at the Firth of Forth July 1 - Tewoflos becomes Emperor of Ethiopia September 28 - Peter the Great defeats the Swedes at the Battle of Lesnaya Kandahar conquered by Mir Wais In Masuria one third of the population die during the plague J... The Jacobite Risings were a series of uprisings, rebellions, and wars in the British Isles occurring between 1688 and 1746. ... Jean Law John Law (bap. ... In August 1717 Scottish businessman John Law acquired a controlling interest in the then derelict Mississippi Company and renamed it the Compagnie d’Occident (or Compagnie du Mississippi). ...


In 1755, John Campbell's grand-daughter, Mary (known as "Polly"), married a merchant, James Coutts. Polly was George Campbell's niece and George immediately made James a partner. The bank was renamed Campbell & Coutts. James ran the business. Following the Polly's and George's deaths in 1760, James became the sole partner. George bequeathed most of his fortune, and the bank, to James. In 1761 James took his brother Thomas Coutts in to the business, which was now named James and Thomas Coutts. 1755 was a common year starting on Wednesday (see link for calendar). ... James Coutts or Jim Coutts may refer to: Jim Coutts (born 1938), Canadian lawyer, businessman, and former advisor to two Prime Ministers. ... 1760 was a leap year starting on Tuesday (see link for calendar). ... Thomas Coutts (September 7, 1735 - February 22, 1822), Anglo-Scottish banker was the founder of the banking house of Coutts & Co. ...


James and Thomas did not always get on and eventually James drifted into politics, leaving the running of the bank to Thomas. James retired from the bank in 1775 due to ill health. The bank in the Strand became known as Thomas Coutts & Co.


Thomas Coutts married twice. His first wife, a servant named Susannah Starkie, was considered to be beneath his station. She gave him three beautiful daughters nicknamed "The Three Graces" who eventually married leading figures in British society: the Earl of Guildford, the Marquis of Bute and Sir Francis Burdett. Thomas also had four sons who died in infancy. When Susannah died, he remarried just four days after the funeral. Thomas Coutts was 80 years old, and his new wife, Harriot Mellon, was 40 years younger and an actress, which stirred considerable comment. On Thomas' death in 1822 the bank was renamed "Coutts & Co." John Crichton-Stuart, 1st Marquess of Bute (June 30, 1744–November 16, 1814) was the son of John Stuart, 3rd Earl of Bute and Mary Wortley-Montagu, 1st Baroness Mount Stuart. ... Harriot Mellon (born circa 1777, died 1837) was the daughter of strolling players and became an actress, eventually starring at Drury Lane. ... 1822 (MDCCCXXII) was a common year starting on Tuesday (see link for calendar) of the Gregorian calendar (or a common year starting on Thursday of the 12-day-slower Julian calendar). ...


Thomas' widow, Harriot, inherited £900,000 from Thomas along with the bank. Although she did not get on with her step-daughters, she wanted to keep the bank in the Coutts family. Harriot died in 1837. In her will, the Coutts fortune was passed on to Thomas's grand-daughter, Angela Burdett, the daughter of Sophie Coutts and Sir Francis Burdett. The will contained three conditions: Firstly the bank was to be held in Trust, secondly that the heir should take the name of Coutts, and thirdly that the heir may never marry a foreigner. Thus, Angela became Angela Burdett-Coutts. Angela Georgina Burdett_Coutts Angela Georgina Burdett_Coutts (born Angela Burdett 24 April 1814 in Piccadilly, London - 30 December 1906) was the daughter of Sir Francis Burdett, Baronet, a Whig MP, and Sophia Coutts, who was the daughter of Thomas Coutts, the wealthy banker who founded Coutts bank. ...


By 1837, Angela Burdett-Coutts was wealthiest woman in Britain. Angela had no children and gave away more than £3 million to causes such as the Ragged Schools Union and the Temperance Society.


At the age of 67, Angela broke the terms of the Will by marrying a foreigner. Her husband was her young American secretary, William Ashmead-Bartlett. Angela's sister, Clara, claimed the fortune, and a bitter dispute followed. Most of the Coutts fortune passed to Clara and her heirs. However, Angela kept two fifths of the income until her death in 1906. William Lehman Ashmead Bartlett Burdett-Coutts (New Brunswick, New Jersey, 1851 – 28 July 1921) was a British Conservative politician, younger brother of Ellis Ashmead-Bartlett. ...


In accordance with the Will, Clara Burdett, who had married James Money in 1850 became Clara Burdett Money-Coutts. For the game, see: 1850 (board game) 1850 (MDCCCL) was a common year starting on Tuesday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Sunday [1] of the 12-day-slower Julian calendar). ...


The following appeared in "Punch" at the time:- Punch was a British weekly magazine of humour and satire published from 1841 to 1992 and from 1996 to 2002. ...

Money takes the name of Coutts,
Superfluous and fimny*,
For everyone considers Coutts,
Synonymous with Money.
[Vere Carpenter]
  • "fimny" is assumed to be a mis-type of "funny"[citation needed].

Her son Francis' full name was Francis Burdett Money Coutts-Nevill, 5th Baron Latymer. He was better known as Francis Coutts, a writer and poet. He became Baron Latymer in 1913. Francis Burdett Money Coutts-Nevill, 5th Baron Latymer (1852–1923) was a British banker, heir to Coutts & Co. ...


The Panic of 1890 forced the bank to change from a Limited company to a Partnership. At that time, limited liability was seen as risky by depositors. As a partnership, the Coutts family would have been personally liable to any depositor for his bank deposit in a crisis. Fortunately, there was no crisis. The Panic of 1890 was an acute depression that was less serious than other panics of the era precipitated by the near insolvency of the Baring Brothers bank in London due mainly to poor investements in Argentina. ... It has been suggested that this article or section be merged into Limited liability company. ... A partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which all have invested. ...


In 1904, the bank moved to its current premises at 440 Strand. In 1914 Coutts took over the bank of Roberts, Lubbock & Co, obtaining a branch office and a clearing house seat in the process. 1904 (MCMIV) was a leap year starting on a Friday (see link for calendar). ... Year 1914 (MCMXIV) was a common year starting on Thursday (link will display the full calendar) of the Gregorian calendar (or a common year starting on Wednesday of the 13-day-slower Julian calendar). ...


In 1919, Coutts merged with the National Provincial & Union Bank of England whilst retaining the name "Coutts". In 1961, the first branch outside London was opened in Eton, Berkshire. In 1969, Coutts became part of the National Westminster bank. Year 1919 (MCMXIX) was a common year starting on Wednesday (link will display the full calendar). ... Eton is a town in Berkshire, England, lying on the opposite bank of the River Thames to Windsor and connected to it by Windsor Bridge. ... Also: 1969 (Stargate SG-1) episode. ... The Classic NatWest logo National Westminster Bank Plc, trading as NatWest, is a commercial bank in the United Kingdom, part of the Royal Bank of Scotland Group. ...


Francis Burdett Coutts's great grandson, Sir David Burdett Money-Coutts, became chairman in 1976, retiring in 1993, leaving his cousin Crispin Money-Coutts (heir to the title Baron Latymer), as the last remaining Coutts name until 1999 when Crispin resigned.


In 2000, National Westminster Bank was purchased by the Royal Bank of Scotland in one of the largest corporate transactions ever in the European Banking Sector. Today Coutts is part of the Wealth Management division of RBS. Year 2000 (MM) was a leap year starting on Saturday (link will display full 2000 Gregorian calendar). ... The Royal Bank of Scotland plc (Scottish Gaelic: [1]) is one of the retail banking subsidiaries of Royal Bank of Scotland Group plc, which together with NatWest, provides branch banking facilities in the UK. Royal Bank of Scotland has around 700 branches, mainly in Scotland though there are branches in...


Coutts still has its headquarters at 440 Strand, London, with branches throughout the UK and the rest of the world. It is a private bank, which means its clients are expected to have substantial income or liquid assets in excess of £500,000. The bank is best known in the UK as Queen Elizabeth's banker. A Coutts Automated Teller Machine is in the basement of Buckingham Palace for use by the Royal Family. Private banks are banks which are not incorporated, and hence the entirety of their assets is available to meet the liabilities of the bank. ... Elizabeth II (Elizabeth Alexandra Mary Windsor; born 21 April 1926) is Queen of sixteen sovereign states, holding each crown and title equally. ... “Cash machine” redirects here. ... Buckingham Palace and the Victoria Memorial. ...


Locations

Coutts & Co - Headquarters of Coutts in the Strand, - by Night
Coutts & Co - Headquarters of Coutts in the Strand, - by Night

Coutts private bank operate and have offices throughout the World. Coutts are split into three separate entities: Image File history File links Download high resolution version (1280x960, 312 KB)Coutts & Co Headquarters in the Strand, London File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Image File history File links Download high resolution version (1280x960, 312 KB)Coutts & Co Headquarters in the Strand, London File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ...

  • Coutts, who look after the 22 offices in the UK as well as the office in Monaco.
  • Coutts Bank von Ernst (CBVE), who look after the 6 offices in Switzerland alongside offices in Spain, Singapore,Hong Kong, Japan and Uruguay.
  • Coutts Offshore, who operate out of three offices; Jersey, Isle of Man and Cayman.

Coutts has offices in London and throughout the UK


Offices in London

Cadogan Place, Canary Wharf, St. Mary Axe, Cavendish Square, Crosby Court, Fleet Street and the head office in the Strand.


Offices outside London

Bath, Birmingham, Bournemouth, Bristol, Cambridge, Cardiff, Eton, Guildford, Hampshire, Leeds, Liverpool, Manchester, Milton Keynes, Newcastle upon Tyne, Nottingham, Oxford, Winchester and Tunbridge Wells.


Management

The Earl of Home, Chairman of the Coutts Group
The Earl of Home, Chairman of the Coutts Group
  • Chairman of Coutts Group: The Earl of Home (David Douglas-Home)
  • Chief Executive of Wealth Management (Coutts is part of RBS Group Wealth Management): John Baines.
  • Chief Executive of Coutts: Sarah Deaves
  • Chief Executive of Coutts Bank von Ernst Limited, Switzerland: Hanspeter Brunner.

Image File history File links Metadata Size of this preview: 549 × 599 pixelsFull resolution (1257 × 1372 pixel, file size: 443 KB, MIME type: image/jpeg) Lord Home, Chairman of Coutts Group I, the copyright holder of this work, hereby release it into the public domain. ... Image File history File links Metadata Size of this preview: 549 × 599 pixelsFull resolution (1257 × 1372 pixel, file size: 443 KB, MIME type: image/jpeg) Lord Home, Chairman of Coutts Group I, the copyright holder of this work, hereby release it into the public domain. ... David Alexander Cospatrick Douglas-Home CVO CBE (born 20 November 1943) is the 15th Earl of Home and eldest son of former Prime Minster of the United Kingdom Alec Douglas-Home. ...

Becoming a client

As a discreet organisation, Coutts is not overt about the conditions that must be met in order to open an account. They are, however, as follows:


In order to become a Coutts client, you must have either


a) Investable assets of £500,000


and/or


b) Net assets (including your house, jewellery, artwork, etc.) totalling £5,000,000.


Additionally, Coutts will consider taking on customers who have the potential to meet these criteria in the next 3-5 years and can prove historic earnings over recent years in excess of £100,000 pa.[citation needed]


Customers

Coutts is known as the "Queen's Bank" to many by virtue of it being reputed to be the bankers to the British Royal Family. Within the UK it is the largest Private Bank and is said only to accept financially independent customers with more than £500,000 to deposit. However press articles in October 2005 reported Coutts as saying that you would need at least £3 million to be considered financially independent. Being a millionaire will get you in as a customer, but perhaps it won't guarantee you financial independence. Historically Coutts was an upper crust clearing bank to the landed gentry, but today they are seen as wealth managers willing to accept a wider class of clientele, including top sportsmen, lottery winners, football stars, businessmen, chief executives, and pop singers and the growing numbers of female businesswomen and entrepreneurs in the UK. Members of the Royal Family on the balcony of Buckingham Palace after the Trooping the Colour ceremony The British Royal Family is shared between the Commonwealth Realms; this article focuses on the perspective of United Kingdom. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ...


As well as being the Queen's banker, Coutts is also known as a bank for the rich and famous of British society. Sir Richard Branson is a notable customer who has banked with Coutts since the early days of his business enterprises.[citation needed] Former Spice Girl, and wife to famous footballer David Beckham, Victoria Beckham is a client, and carries a Coutts & Co World MasterCard Signia card, similar to the American Express Centurion card, that she uses when shopping all over the world. English singer Elton John is another famous client [citation needed]. Sir Richard Branson (born July 18, 1950) a famed British entrepreneur, is best known for his widely successful Virgin brand, a banner that encompasses a variety of business organizations. ... The Spice Girls were a British vocal girl band. ... David Beckham David Robert Joseph Beckham OBE (born May 2, 1975) is an English footballer born in Leytonstone, London. ... Victoria Caroline Beckham (née Adams; born 17 April 1974) is an English singer, songwriter, fashion designer and television personality. ... Coutts is a British bank. ... MasterCard Worldwide (NYSE: MA) is a membership organization owned by the 25,000+ financial institutions that issue its card. ... “Black card” redirects here. ... Sir Elton Hercules[1] John CBE[2] (born Reginald Kenneth Dwight on 25 March 1947) is a five-time Grammy and one-time Academy Award-winning English pop/rock singer, composer and pianist. ...


References in culture

Coutts is mentioned in the 1889 Gilbert and Sullivan Savoy opera The Gondoliers in the following lyrics: W. S. Gilbert Arthur Sullivan Gilbert and Sullivan refers to the Victorian era partnership of librettist W. S. Gilbert (1836–1911) and composer Arthur Sullivan (1842–1900). ... The Savoy Operas are a series of operettas written by Gilbert and Sullivan. ... The Gondoliers, or The King of Barataria, is a Savoy Opera, with music by Arthur Sullivan and libretto by W. S. Gilbert. ...

They all shall equal be!
The Earl, the Marquis, and the Dook,
The Groom, the Butler, and the Cook,
The Aristocrat who banks with Coutts,
The Aristocrat who cleans the boots,
The Noble Lord who rules the State,
The Noble Lord who scrubs the grate.

See also

Clan Farquharson of Invercauld is a Scottish clan which derives its name from Farquhar Shaw, 4th son of Alexander Ciar Mackintosh of Rothiemurchus, 5th Chief of the Clan Shaw, who settled in the Braes of Mar, the source of the River Dee. ... A sept is a division of a family, especially a division of a clan. ... Clan map of Scotland Scottish clans (from Old Gaelic clann, children), give a sense of identity and shared descent to people in Scotland and to their relations throughout the world, with a formal structure of Clan Chiefs officially registered with the court of the Lord Lyon, King of Arms which...

References

External links


  Results from FactBites:
 
Walkabout - Coutts Crossing (842 words)
Coutts Crossing is located on the banks of the Orara River on the main Grafton to Armidale Road, 20 km south-west of Grafton and 669 km north-east of Sydney.
In the 1840s Coutts too was involved in a great detail of conflict with the local Aborigines who suffered from the loss of their hunting grounds and the displacement of their traditional food sources (e.g., kangaroos) by sheep.
Coutts Crossing and Nymboida are surrounded by some beautiful countryside and the drives through Boundary Creek, to the west of Nymboida, and Kangaroo Creek, to the south of Coutts Crossing, are very pleasant, although, unfortunately, the local roads can be daunting.
The Reverend William Coutts -- Tory or Whig? (4120 words)
Coutts is not known to have involved himself in clerical activities in Virginia.
Coutts had married Mildred Shepard Brown sometime before 1782; she was the daughter of Samuel Shepard and the widow of Samuel Brown, whose identities remain unknown.
Coutts was not a prominent figure, but as clergyman and resident of Virginia during the unsettled years of the Revolution, he merits some historical recognition, not consignment to historical oblivion.
  More results at FactBites »


 

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