The Queen's Coutts branch may close

THE Queen's nearest Coutts Bank branch in Sloane Street, a short drive from Buckingham Palace, is under threat of closure. Another branch in upmarket High Street Kensington is also threatened as negotiations continue with the owners of the two properties.

Owned by Royal Bank of Scotland, Coutts is a private bank with 77,000 customers who are estimated to represent a fifth of Britain's richest individuals. To open an account at the 300-year-old bank customers must have half a million in readies. The Queen has maintained a long tradition dating back to 1692 of banking with Coutts, like her predecessors. It has just eight branches in London with a further 16 in large provincial cities, including one at Eton School established in 1961.

A spokesman for Coutts confirmed it is trying to re-negotiate leases on the properties when they run out on 31 March next year at Sloane Street, and the end of the year for Kensington High Street. The branches are operated by a handful of staff, with six cashiers between them. Its customers include most of the England football team as well as former members of the Spice Girls. It specialises in 'wealth management solutions' for its wealthy customers.

Earlier this month it made a push into the secretive but lucrative world of Swiss private banking with the £228m purchase of Zurich's Bank von Ernst. Established in 1869, it has 21,000 Swiss clients as well as offices in Miami and Montevideo.