Swiss private bank UBP is planning to boost its Middle East operations after its recent purchase of RBS’ overseas private banking arm Coutts International, a senior official told Gulf Business.
The purchase includes Coutts’ operations in Switzerland, Monaco, UAE, Qatar, Singapore and Hong Kong, representing assets worth CHF32bn ($32.7 billion).
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"The acquisition is part of our growth strategy to grow organically and through acquisitions," Walid Shash, senior managing director, head of Middle East and Africa at UBP told Gulf Business in an interview.
"It is indeed a major step forward enabling us to grow our global reach," he said.
"We have been very active on acquisitions; the last acquisition was in 2013 when we acquired the international private banking business of Lloyds Bank. Prior to that we acquired the Swiss arm of Dutch lender ABN Amro."
UBP currently manages CHF12bn ($12.2bn) of assets in the Middle East and the region accounts for 12% of its global business.
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By GlobalData"With the acquisition of Coutts, this is bound to grow, and in addition we will increase our headcount," Shash added.
"Whilst the falling oil price presents some challenges to the region, the needs of HNW and UHNW families have not changed. We therefore see continued growth opportunities," the publication quoted Shash as saying.
He confessed that private banking is becoming more competitive in the region, but states it is important to differentiate the offering.
"The most important aspect that clients need is a good relationship manager, a good platform, a solid name and a stable balance sheet.
"UBP maintains a solid financial base and a high capital ratio as a result of its conservative approach to risk management thus allowing the bank to further invest in key development areas," he added.
"We are definitely here for the long term. There are still plenty of growth opportunities for us in the Middle East."
