Following the integration of the Coutts Asia business, Geneva private bank UBP is still facing some upheaval in Asia. The Hong Kong office is undergoing a significant loss of personnel.
It has been three months since the Asian office of the private bank Coutts International merged with Union Bancaire Privée (UBP). Since then the family-owned Geneva bank has been busy fine tuning the new arrangements. But this phase is not without its victims, as local reports show.
The portal «WealthBriefing Asia» (paywall) reported Monday that ten employees are leaving the Hong Kong office. The information emerged after staff were informed internally about the departures.
Cutbacks and Expansion
UBP declined to give the names of the departing staff. A spokesperson said the bank was adjusting the composition of a small number of teams having taken stock of organizational requirements following the acquisition of Coutts.
UBP intends to continue with its announced expansion of front office staff, as the bank told finews.ch. In the next two years the number of client advisors in Asia is set to increase from 65 to 100 (article in German).
