Coutts and Company - Definition and Overview

Coutts and Co Bank Ltd is a bank in the United Kingdom owned by the Royal Bank of Scotland. It is headquartered in London, with branches in many international cities. It is a private bank, which means it only deals with individuals who have assets in excess of £1 million. The bank is most famously known in the UK as the banker of Her Majesty Queen Elizabeth II. A Coutts Automated Teller Machine is installed in the basement of Buckingham Palace for use by the Royal Family.

Coutts and Co can trace its origins back to the goldsmiths banks of the City of London in 1692. In 1919, Coutts merged with National Provincial & Union Bank of England, which later became a part of the National Westminster Bank. Coutts retained its name and management structure throughout this time. In 2000, the Royal Bank of Scotland acquired the National Westminster. Coutts and Co became merged in the Coutts Group division of the enlarged bank as an international private finance arm.

As well as being the Queen's banker, Coutts is also known as a bank for the rich and famous of British society. In 1999 it became known that Her Majesty Queen Elizabeth, the Queen Mother had a £6 million overdraft with the bank. Sarah, Duchess of York also had a large overdraft with the bank worth around £8 million, which was subsequently paid off.