RBS Coutts has launched a jet financing service for its
international clients as it looks to expand its offering to ultra
high net worth individuals.
It will complement the private bank’s existing
service to UK clients and an already established international
yacht-financing business. It is understood to be able to provide
finance on assets worth up to £40 million ($67 million), according
to a report in Leasing Life, another of VRL’s financial titles.
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RBS Wealth Management and Global Banking and
Markets has given the mandate to Lombard, a leasing subsidiary of
RBS. Coutts spokesman Nick Gill confirmed the service was now
available to international clients.
“I am sure it is an important business,
particularly for the individuals who take the loans,” Gill said.
“But it is not on the same scale as the mortgage business, which a
large proportion of our clients would be involved with.”
He said Coutts would typically be involved in
a handful of jet and yacht financing deals per quarter.
“The financing is done through Lombard, which
has more experience and expertise in this area,” Gill added. “It is
aimed at a range of international clients who have showed interest
in jet and yacht financing and we believe there is plenty of demand
for this service.”
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By GlobalDataCiti Private Bank is one of the best-known
wealth managers to offer jet finance, with a specialist unit based
in New York.
SG Private Banking also has access to jet
finance through its equipment finance division and there has been
some surprise in the industry that Coutts has taken so long to
launch a service to its international clientele.
It is part of a campaign at Coutts to improve
its service suite to individuals with more than £10 million in
investable assets. In a separate initiative, the bank announced it
would look to triple its adviser numbers for UHNW clients in the
next three years.
It is reportedly targeting ultra-wealthy
clients in the Middle East and Asia, but most of the new hiring and
initial customer acquisition will happen in the UK.
