Swiss private bank Union Bancaire Privee (UBP) will take between 60 to 70% of client money held by Coutts International, which the Swiss bank is buying from RBS, Swiss financial news portal quoted UBP’s chief executive as saying.
In the coming two years, UBP would desist from making further deals as the Coutts International business is being integrated, UBP chief executive Guy de Picciotto told the publication in an exclusive interview.
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De Picciotto also revealed that that the bank is looking to close US tax evasion case, which has cost it nearly CHF15m to CHF20m, by summer 2015.
The purchase of Coutts International is expected to add around CHF30bn ($32.5bn) to UBP’s assets under management.
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