COUTTS, the bank for people with at least £500,000 to spare, is celebrating first-year assets of £40 million invested in its Tunbridge Wells branch. Bank chiefs hosted a first birthday party at Penshurst Place for more than 100 clients and guests.

Perry Littleboy, head of Coutts UK Private Banking, said the decision to open an office in Tunbridge Wells had been fully vindicated. "It's not only performing better than other offices, it's performing better than we expected for the first year, given the trauma in the market," he said.

Coutts continued to expand in spite of the downturn, he said. "The success of Tunbridge Wells has echoed the success of other offices around the country. Unlike some of our competitors, who have found the current market conditions difficult, we continue to expand." Tunbridge Wells was a perfect market for Coutts. "Many in a long list of wealthy and famous people who have taken the waters from the Victorians to William Thackeray and Beau Nash through to Lord Abergavenny have been our clients and we feel very much at home here."

He urged investors not to panic. "Hold firm," he said. "If you have a medium term perspective and are of a nature not to lie awake at night worrying, stay in and invest. Think more about your future, put aside more, invest for the long-term, have a balanced approach and make every use of what the Government offers."