Leader appointed for RBS Coutts Indian business
Royal Bank of Scotland has appointed Paul Davies to head up ABN Amro’s private client business in India and oversee its integration and rebranding under the RBS Coutts banner.
Based in Mumbai, Davies will lead a team comprising about 60 staff across five branches in India, including 30 private bankers.
The ABN Amro private client operation in India was acquired last year as part of its successful consortium bid, led by RBS in partnership with Fortis and Santander, for the Dutch bank.
Under the global deal, Fortis was to secure ABN Amro’s asset management and private banking business, but RBS renegotiated the deal with Fortis to retain the Dutch bank's wealth business in India.
Following a transition phase, the business in India will operate under the RBS Coutts brand, the private banking arm of RBS.
Davies, who will oversee the growth strategy and integration programme has been seconded from RBS Coutts, where he has been international head of Business Development & Strategy outside of the UK, as well as chief executive of Coutts Asia Pacific.
He previously held senior positions in NatWest Bank and Coutts in the UK and Switzerland, before moving to Singapore in 2000 as head of private banking, Asia Pacific.
Davies’ track record includes developing the bank’s Non-Resident India (NRI) strategy, which was the basis for RBS Coutts’ NRI business, which now runs one of the largest teams of private bankers in Asia, focusing on the NRI segment.
"India holds tremendous potential as a market for wealth managers,” said Davies. “This development complements our existing business in Asia and presents an excellent opportunity for RBS Coutts to gain a strong presence in this rapidly growing market.
"As RBS Coutts already has a substantial NRI business managed out of Singapore, an onshore presence in India will mutually complement and strengthen both businesses. We can leverage the synergies and joint capabilities of ABN AmroPrivate Clients and RBS Coutts businesses and offer clients more products and services available across the RBS Group."
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