Coutts Bank now requires new customers to have investable assets of overa million pounds, up from its previous guideline of half that a report in the FT revelaed.
Wealthy clients must be able to be place assets exceeding a cool £ million with the bank straight away.
This increased minimum assets required comes as Coutts looks to grow its investment management services. In February, Coutts said it intended to move away from conventional credit and deposit banking services. The management team hope to attratct new custom from entrepreneurs and offer family business advisory services to new wealthy clients looking for advice about their investments and other financial opportunities.
Increasingly young people are motivated to generate wealth – and Coutts recognises that it is exactly these young people who will be potential customers that want to benefit from a private bank. They have set in motion a Solution for the Next Generation:
The programme offers an opportunity to learn and to meet peers in an open environment where young people can share their ambitions and experiences. From money management to entrepreneurship, we provide support on almost every aspect of earning and managing wealth