Swiss private bank Union Bancaire Privée (UBP) has closed the acquisition of Coutts International’s activities in Singapore and Hong Kong.
Coutts entities in Switzerland, Monaco and the Middle East became part of UBP in October 2015.
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The private bank obtained two licences to complete the final stage of the acquisition: one from the Hong Kong Monetary Authority (HKMA) and another from the Securities and Futures Commission (SFC).
These licenses will allow UBP to offer wealth management services to its clients in Asia, in addition to its asset management activities.
UBP said that the acquisition will bring its assets under management in Asia total close to CHF14bn. It will employ over 330 people in Hong Kong, Singapore, Shanghai, Taipei and Tokyo.
UBP CEO Guy de Picciotto said: "We have completed the integration of Coutts businesses in Asia on schedule. This is a significant milestone in our growth strategy. We now have a solid base from which to develop our activities in Asia, with experienced teams and a value proposition that is unique in the region."
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By GlobalDataRBS agreed to sell Coutts International to after numerous months of negotiations in May 2015.
