last updated 24/11/21

In April 2021, we first announced our intention to transfer our banking and lending business to our sister company Coutts & Co. and committed to keeping you updated about the proposed transfer.

We will be using a Banking Business Transfer Scheme, under Part VII of the Financial Services and Markets Act 2000.

This hub will be updated regularly as we move through the legal process.

Latest update 24/11/2021:

 As we progress with our proposal to ask the Court of Session in Edinburgh for permission to transfer the banking and lending part of our Adam business to Coutts & Co., you will still see us using the familiar Adam & Company brand. 


Some questions you may have

  • We aim to make the transfer as smooth as possible for you and we will let you know about any changes that may affect you. Your private banker is on hand to support you. It is very much business as usual.

  • The proposed transfer is to take place via a mechanism known as a banking business transfer scheme. This is governed by Part VII of the Financial Services and Market Act 2000. Under this Act, the transfer requires approval from the Court.

  • Court approval is required to enable us to make use of a banking business transfer scheme to smoothly transition the Adam & Company banking and lending business from the Royal Bank of Scotland plc legal entity to the Coutts & Co legal entity. This process, known as a ‘Part VII’ Court process, requires a significant period of time to implement, due to the planning required, engagement with regulators and the Court process.

  • Adam & Company operates as a sister company to Coutts within the NatWest Group. They are both Private Banks within the Group.

    Coutts & Company was founded at the sign of the Three Crowns in London’s Strand in 1692 by John Campbell, a Scottish goldsmith. A fellow Scot and able banker, George Middleton, was taken into partnership in 1708. In 1755 the business became known as Campbell & Coutts, following the entry into the partnership of James Coutts, the son of an Edinburgh banker. James took his younger brother, Thomas Coutts, into partnership as James & Thomas Coutts. This partnership continued until 1775 when James retired and the business adopted the title of Thomas Coutts & Co. When Thomas Coutts died in 1822, the bank was renamed Coutts & Co. In 1920 Coutts & Co merged with National Provincial & Union Bank of England, but retained its separate identity as a prestigious private bank with its own board of directors. In 1968, Coutts’ owner National Provincial Bank and Westminster Bank agreed to merge to form National Westminster Bank.

    Coutts & Co continues to operate independently within NatWest Group.

  • We sold the investment management arm of our Adam & Company business to Canaccord Genuity Wealth Management on 1 October 2021, along with ownership of the Adam & Company brand.

     The banking and lending business was not sold and continues to operate as usual. We agreed with Canaccord Genuity Wealth Management that we could continue to use the Adam & Company brand for an interim period while we undertake the process to ask the Court of Session to transfer Adam & Company to Coutts & Co.

  • When we sold the Adam & Company investment management arm of our business to Canaccord Genuity Wealth Management on 1 October 2021, we also sold the Adam & Company brand.

    We will continue to use the Adam & Company brand for an interim period for our banking and lending business, so nothing will change immediately. You will still be able to use your Adam branded cards and Adam branded services.

    If the proposed transfer to Coutts is approved, we will operate under the Coutts & Co. legal entity and brand. Bank cards and cheque books featuring the Adam brand will still be valid until they are replaced with Coutts ones.