People Moves

Head Of RBS's International Wealth Arm To Step Down - Report; Bank Declines Comment

Tom Burroughes, Group Editor, 6 May 2015

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One of the senior figures in international private banking is to step down in the wake of a merger deal, a report says.

The head of Royal Bank of Scotland’s overseas private banking arm, Coutts International, is due to step down after that operation’s sale to Switzerland’s Union Bancaire Privée a few weeks ago, Reuters reported, quoting an unnamed source.

This publication is in contact with RBS and UBP about the matter; RBS declined to comment.

The newswire said that Alexander Classen had been asked to lead the integration of the two private banks but declined the request and will leave the business in the next two to three weeks.

UBP bought Coutts International, taking on around SFr30 billion ($32.4 billion) of assets in Switzerland and Asia, for an undisclosed sum. This publication recently interviewed Michel Longhini, private banking head at Geneva-headquartered UBP, about how he intended to ensure a harmonious marriage after the takeover. (See the interview here.)

RBS, which is still majority-owned by the UK taxpayer, sold its non-UK business as part of wider restructuring in its drive to return to full private ownership.
 

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