Coutts purchase priced far below US$1b: UBP exec

Singapore

Union Bancaire Privée (UBP), which late last week announced its purchase of Coutts International, would pay far below US$1 billion for the freshly acquired assets under management (AUM), a top executive told The Business Times on Monday.

In beating out competitors said to include a consortium of Societe Generale and DBS, and Credit Suisse, UBP would add over 10 billion Swiss francs (S$14.25 billion) in AUMs in Asia - which is about a third of all AUMs held by Royal Bank of Scotland's (RBS) international wealth management business - said Michel Longhini, CEO of private banking, at the Swiss bank.