Swiss bank UBP to take more than 60-70 percent of Coutts' client money: CEO

[June 19, 2015]  ZURICH (Reuters) - Switzerland's Union Bancaire Privee (UBP) will take more than 60 to 70 percent of client money held by the international business of Coutts, the 300-year old wealth manager the Swiss bank is buying from Britain's Royal Bank of Scotland, UBP's chief executive told Finews.ch website.

UBP Chief Executive Guy de Picciotto also told the financial news site his bank would refrain from making further acquisitions in the coming two years as the Coutts International business is being integrated.

The acquisition of Coutts Internatinal will add around 30 billion Swiss francs ($32.5 billion) to UBP's assets under management and will strengthen the Swiss bank's footing in the lucrative Asian market.

De Picciotto also said he hoped UBP's U.S. tax evasion case to close this summer, a process that has already cost the bank 15-20 million Swiss francs, he said.

UBP said in December 2013 it would cooperate with U.S. officials in a crackdown on wealthy Americans evading taxes through hidden offshore accounts.

($1 = 0.9236 Swiss francs)

(Reporting by Karolin Schaps. Editing by Jane Merriman)

[© 2015 Thomson Reuters. All rights reserved.]

Copyright 2015 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.