Bank of Scotland scored a point yesterday in its battle for control of National Westminster Bank when it won the backing of Phillips & Drew Fund Management, reports the Financial Times.

With 2.3% of NatWest's shares, Phillips & Drew is the largest shareholder so far to declare which side it will back when votes are counted next Monday.

National Westminster Bank

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Coutts hires ex-JPMorgan banker James Todd as next private client boss

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Todd replaces Camilla Stowell who left the NatWest-owned wealth in January

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The private-equity firm’s profit rose amid what its executives called the best environment for selling assets in years.

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The U.K. Supreme Court said a commission from a bank to a car dealer isn’t considered a bribe and dealers don’t violate rules by not disclosing this commission to customers.

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BoS wins backing of Phillips & Drew

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