According to sources in Zurich it is thought that Michael Blake, previously general manager for Coutts in Asia, will relocate back to the region to lead the enlarged firm as soon as the Swiss bank has completed the acquisition.
Earlier this year Blake was appointed as chief executive officer of Coutts & Co, based in Zurich. He was tasked with overseeing the integration of UBP and Coutts in Switzerland following the announcement by UBP in early 2015 that it was acquiring Coutts’ international business.
One of the main remaining integration tasks for UBP is to secure its banking licence in Hong Kong to match the one it already has in Singapore. The target to obtain this is the first quarter of 2016, while the business integration is slated for completion by the first half of 2016, once the firm obtains the licence in Hong Kong.
It is understood that David Lam, Coutts’ head of North Asia, and Ranjit Khanna, the bank’s head of South Asia, Middle East and global NRI, will both continue to report to Blake.
Meanwhile, Eric Morin’s role going forward will be to oversee international business and the global sales and marketing function, also reporting to Blake.
