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UBP completes transfer of Coutts International's Singapore, Hong Kong biz

Union BancairePrivée UBP SA said it completed the transfer of International'sactivities in Singapore and Hong Kong.

It completed the transfer after obtaining licenses from theHong Kong Monetary Authority and the Securities and Futures Commission thatwill enable the Swiss bank to offer its range of wealth management services toclients in Asia.

UBP's AUM in Asia will now total about CHF14 billion, andthe lender will employ more than 330 people in Hong Kong, Singapore, Shanghai,Taipei and Tokyo.

The deal represents the final stage of the bank's of CouttsInternational from Royal Bank ofScotland Group Plc. Its entities in Switzerland, Monaco and theMiddle East became part of UBP in October 2015.