Flavel will run a combined service that will bring together Coutts, Adam & Company, Holt’s,  Drummonds and PCAIS with NatWest's Premier Banking and Premier 24.

The new proposition will see some changes to private banking but all parties will continue to report to Peter Flavel, the bank said, announcing the move this morning.

Part of the deal will see Dylan Williams become head of affluent to build new capabilities for existing premier customers and help drive growth, the group said. NatWest said the new proposition should also help “address the UK savings gap”, which is forecast to reach £350 billion by 2050. Williams is expected to make this a priority of his new role.

“Combining the collective expertise and resources of our premier banking and private banking teams will bring a more targeted focus on the wider NatWest Group’s affluent customer-base,” Flavel said.

The combined services will include day-to-day banking, savings, lending, financial planning and investment. Asset management will also be part of the new proposition and will be responsible across the group for driving AuM growth in all client segments. Flavel said Coutts' expertise will be at the heart of this.

The bank also said the restructuring will allow it to focus on the changing financial requirements of customers through each stage of their life.

“This means delivering excellent day-to-day banking, competitive and flexible savings and lending services together with building our investment AuMs through both our digital and face-to-face client propositions," Flavel added.

“Ultimately, as a purposeful business. we want to do all we can for existing clients whilst also address the UK savings gap. To achieve both we must build a strategy that delivers not just on competitive day-to-day banking, but helps customers pay down household debt as soon as is practical and builds longer-term investments through ISA’s, pensions and general investment account balances."