(Bloomberg) -- Royal Bank of Scotland Group hired the head of Asia wealth management at JPMorgan Chase to lead its private-banking businesses, as Michael Morley steps down.

Peter Flavel will join as chief executive officer of private banking, responsible for RBS’s Coutts and Adam businesses, the Edinburgh-based bank said in a statement on Thursday. Morley, CEO of Coutts since 2009, will remain at the company until the end of May.

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