UBP completes purchase of Coutts in Asia

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Union Bancaire Privée has completed the transfer of Coutts International’s activities in Singapore and Hong Kong.

UBP has now integrated all of Royal Bank of Scotland’s international wealth management business.

The Swiss manager also obtained two licences for its Hong Kong branch: one from the Hong Kong Monetary Authority (HKMA) and one from the Securities and Futures Commission (SFC).

Those two licences will enable UBP to provide wealth management services to all its clients in Asia, in addition to its asset management activities.

With the integration of Coutts’ activities in Singapore and Hong Kong, UBP’s assets under management in Asia amount to CHF14bn, with 330 people working in Hong Kong, Singapore, Shanghai, Taipei and Tokyo.

Guy de Picciotto, CEO of UBP, said: “We have completed the integration of Coutts businesses in Asia on schedule. This is a significant milestone in our growth strategy. We now have a solid base from which to develop our activities in Asia, with experienced teams and a value proposition that is unique in the region.”