Coutts Boss: Impact Of Brexit Is Negligible

Today, the chief executive of Coutts, a private bank, said that Brexit would have little effect on the bank or its customers.

In an interview that was aired on Bloomberg TV, Peter Flavel, the boss of Coutts, stated: “the impact on us as a business [of Brexit] is not great.”

Flavel said that the majority of the wealthy clients of the bank were based in the United Kingdom, with smaller numbers coming from the rest of Europe.

He said that that the also serves approximately 20,000 entrepreneurs who “don’t wait around for politicians to make decisions.”

He added: “Quite a lot of them are putting their investment plans to one side until they can see what the decision is.

He continued: “Quite a lot of others that have simply exited Europe and said ‘we’re not there’ – a lot of others are already trying to look for markets outside of Europe because they’re entrepreneurs.”

The Queen’s bankers, Coutts, revealed stellar results at its half-year, with operating profit up by 85 percent year-on-year to £151 million.

The Australian boss of the bank, Flavel, stated: “Our strategy seems to be working quite well, our recently released half-year results had return on equity of 15 per cent and that is triple what it was three years ago.”