Swiss private banking firm UBP is reportedly eyeing partnerships with Asian firms for both its private banking and asset management businesses following its agreement to buy Coutts International.
UBP global head of private banking Michel Longhini in an interview to publication AsianInvestor said that the deals with local banks are a possibility, though not a priority, with institutions looking to utilise foreign expertise.
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"We see markets are consolidating in Asia, he said. We are a consolidator by nature and we have been active in the industry for a few years.
"It is not a priority to buy but if the market gives us the opportunity, we will look at it. But we may have partnerships. The bank has been entrepreneurial in its approach, he added, referring to the partnership it had forged to expand its asset management business in Asia," Longhini added.
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