Union Bancaire Privee is losing a Swiss banker who was key to integrating Coutts International, which the Geneva-based bank swallowed two years ago.
He cut an important figure in Union Bancaire Privee's (UBP) recent history: Peter Schmid, head of the Swiss private bank's activities in Zurich and part of top management, is leaving with immediate effect.
The Geneva-based bank confirmed the move to finews.asia following media reports. Schmid is embarking on a new career path with an undisclosed Zurich-based rival. Stephan Zilker currently UBP's operating head in Zurich, will replace Schmid temporarily.
Key Merger Banker
Swiss banker Schmid was one of the forces behind the integration of Coutts International into the Swiss bank. The former Royal Bank of Scotland subsidiary, which UBP bought two years ago, had most of its 150 private bankers in Switzerland in Zurich.
This posed a delicate challenge for UBP and in particular Schmid, who chose several Coutts bankers including Marco Bianchin, Norman Villamin, and Daniel Wuethrich for top jobs following the merger. He himself had joined UBP from Merrill Lynch three years ago, after Julius Baer acquired that bank's international business with wealthy clients.
