Coutts and Company
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Coutts & Co is a bank in the United Kingdom owned by the Royal Bank of Scotland Group. It has its headquarters at 440 Strand, London, with branches throughout the UK and the rest of the world. It is a private bank, which means its clients are by invitation only and have liquid assets in excess of £500,000 or an investment portfolio of over £1,000,000. 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 & 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 & Co was merged into the Wealth Management division of the Royal Bank of Scotland Group, becoming part of the Group's international private banking 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.