The chief executive of RBS Coutts Bank, the private banking arm of the Royal Bank of Scotland Group, controlled by the UK Government, has said he will replace all the 70 bankers who quit last week, taking hiring targets up to 270 people over the next four years.

Nick Pollard said in an interview with online daily AsianInvestor.com: "We have a five-year plan for adding 200 new people in Asia and doubling assets under management - which are currently at $16.7bn - and that's still the plan. And [the hiring target figure] is a bit more than that now, because everyone who's left will be replaced."