Union Bancaire Privée retains its growth strategy for the Asian banking hubs in Singapore and Hong Kong. The boss of the Geneva-based bank promises to keep it going.
Union Bancaire Privée (UBP), which added the Asian business of Coutts & Co. to its portfolio, is going from strength to strength, according to its CEO, Guy de Picciotto. He told the «Business Times» (behind paywall) in Singapore that he aims to increase the share of assets managed in the region to a third of the total within five years.
For his push, de Picciotto needs plenty of relationship managers. Since adding the business of Coutts, he already hired about 20 new bankers and he aims to maintain this pace of hiring over the coming two years. In total, the bank will have some 100 relationship managers in Asia by the year 2019.
Digesting Acquisition of Coutts
They will need to make UBP an even more Asiatic bank, according to its boss. So far, assets under management in the region amount for about a fifth of the bank’s total. Having integrated the Coutts business, UBP now plans to grow organically and doesn’t currently plan to make any further acquisitions.
Still, the bank has enough cash to make an acquisition. If at all, UBP would aim to add a bank with assets of 10 to 20 billion Swiss francs.
