Union Bancaire Privée is still chewing on the takeover of Coutts International. Before even having completed the integration of the private banking unit, the Geneva-based institute is risking a daring dash into the United Kingdom, the territory of the «other» Coutts.

Coutts is known as the Queen's bank – Coutts (picture) in the UK that is, not Coutts International in Zurich. Coutts is the bank of choice of illustrious clients such as Elisabeth II, pop-icon Elton John and former footballer David Beckham and acts as wealth management unit of Royal Bank of Scotland.

Coutts International, with its headquarters in Zurich, was the private banking unit of RBS and sold to UBP in March after much hum and haw.

This is seemingly not stopping UBP to step into the territory of the «royal» cousin of its daughter Coutts International. Quite to the contrary: after the completion of the transaction, UBP will aim to expand its private banking in the UK from its base in London, country boss Martin Fricker told the UK industry website «Wealth Manager».

Expansions Plans Back on Track

UBP knew that it was important to grow in the UK before acquiring Coutts International. The takeover brought the expansion plans to a temporary halt, Fricker said in the article. With the completion in sight, the growth plans are back on track and the bank ready to start hiring personnel again.

The private bank has bold plans for its UK branch. Changing the legal status from being a branch of UBP to a subsidiary would allow it to adopt a greater UK identity. With the UK passport, UBP would be able to expand into the European Union.

Ready for Europe

Fricker's unit has 55 employees and 2.5 billion francs in assets under management, giving it the necessary critical mass for such an expansion into a much bigger market, the manager told «Wealth Manager». Which of course means that UBP will encroach into Coutt's territory even further.

Fricker will try to sell «Swissness» to the Brits. Swiss banking may have had its problems, he said, but these were in past. Ironically, Fricker himself joined «Swissness» from a UK bank. He was CEO at Lloyds Bank International in Geneva, when the institute was sold to UBP with the loss of hundreds of jobs in 2013.