Swiss financial group Union Bancaire Privée (UBP) has opened a new office in Milan for private banking activities and has hired Alex Cecchini to head it.
Cecchini, who will hold the role of head of private banking at the new Milan office, will be responsible for leading the business expansion across the country with a special focus on HNWI.
UBP, one of the main private banks in Switzerland that focuses on wealth management for private and institutional clients, has been present in Italy since 2012 but, to the date, it has been dedicated exclusively to asset management for institutional investors.
UBP says that the extension to private banking activities is driven by the relevance that the Italian market has for the company which, they consider, one of their main areas for potential growth in Western Europe.
Swiss private bank Valeur Investments also landed in Italy earlier this year opening a Milan branch belonging to its subsidiary in Luxembourg.