Union Bancaire Privée has set the date for the integration of Coutts in Asia, research by finews.ch showed. This will be the end of Coutts International and the end of an era.

Like the British Empire, Coutts built a global presence during its more than three centuries of existence. The U.K. bank had branches in London, Monaco, Dubai, Singapore, Hong Kong, Montevideo, Cayman Islands, Jersey – and in Geneva, Zurich and Bern.

The announcement of the acquisition of Coutts International by Union Bancaire Privée (UBP) from Royal Bank of Scotland was the beginning of the end of Coutts as a global brand. In Switzerland, Coutts was integrated into UBP this autumn, and the Geneva-based bank said the same would happen in Asia next year.

Date Is Set

The last day of Coutts International is now known: it will be April 11, 2016 research by finews.ch showed. UBP confirmed this information.

The integration of Coutts still depends on the necessary regulatory approval. For instance, UBP awaits its banking license in Hong Kong.

Coutts International in Asia has 450 employees and manages about 12 billion francs, the main reason for the acquisition. As UBP was hardly present in Asia so far, a large part of Coutts' operations will likely remain in place. In Switzerland, UBP only kept about 150 of the 400 bankers of Coutts.

Guarantee for Success?

UBP-boss Guy de Picciotto has no doubts about the success of the takeover. His bank will be able to build a significant business in Hong Kong and Singapore, based on the business of Coutts, he told finews.ch in the summer.

According to de Picciotto, it isn't fundamental to the success of the takeover, how many assets are retained, because he had agreed an asset-deal with RBS, ie UBP was only be liable to pay for what it received.

The target range was 60 to 70 percent of the customer assets managed by Coutts, a rate surpassed in the integration of Coutts in Switzerland, according to UBP. Of course, if UBP can't take over the majority of Coutts' assets under management in Asia, it won't be easy to become profitable. The British private bank wasn't profitable in Asia.

Head of Asia

A string of bankers left Coutts International this year, amongst others Willie Cheng, Andrew Sum, Andrew Lo and Ray Chan.

Michael Blake will head the Asia business of UBP. He was in charge of Asia at Coutts and participated in the integration of Coutts in Switzerland this summer.

Coutts will remain on the map as a name in its home country, where RBS retains the private bank as a unit.