Royal Bank of Scotland Group Plc Coutts is the private banking arm of Royal Bank of Scotland Group Plc and the former has made recruitments for the new head, who will replace the retiring Chief Executive, Gerhard Mueller.

Royal Bank of Scotland Group Plc Coutts bank has hired Alexander Classen, who has served as the former head of private wealth management for Europe and the Middle East at Morgan Stanley International, as its new chief executive, who will take over from Gerhard Mueller.

The shares of Royal Bank of Scotland Group Plc Company stood at 41.47 at the end of the last trading session. In order to clean up the company’s bad debt exposure, Lloyds Banking Group PLC put about 38 different distressed property assets collected from different receiverships on the market.

Richard Dakin, Head of Corporate Real Estate Business Support at Lloyds Banking Group Plc said, “This latest initiative is another example of the work we are doing to manage our property book and deleverage our balance sheet. The concept of bringing together a portfolio of assets of this type is something we wanted to explore”.