RBS appoints new chief to overlook Coutts and Adam & Co

Royal Bank of Scotland (RBS) has appointed a UBS investment banker Rory Tapner as the new chief executive of its Wealth Division.

Tapner (pictured), who was the CEO of the UBS Asia Pacific business, is in effect a replacement for previous chief executive John Baines, who quit RBS Wealth in February.

Prior to his role as the head of UBS' Asia Pacific business, Tapner was the global head of equity capital markets and then the global head of investment banking at the Swiss firm.

Under his role as the head of Wealth under the RBS umbrella group, Tapner will be in charge of Coutts and Adam & Co, as well as offshore banking services through RBS International, NatWest Offshore, and Isle of Man Bank.

He comes into the job after a turbulent year for the private banking division at RBS. Last week it was revealed that Coutts was under investigation by the the FSA for the way it sold investment products to clients, while the Adam & Co business has been hit by a wave of staff resignations over the last 18 months.

RBS also announced it was to axe 500 jobs across Coutts and Adam & Co over the next few months.

However, Tapner believes there is an opportunity to further enhance upon the strong heritage that exists within the business.

He said: 'It will be my responsibility to build upon this solid foundation, so that our clients continue to receive the service and advice they require in these difficult economic times and beyond, as well as to nurture and enfranchise the business and our colleagues within the business.'