HK
BSI, the Swiss private bank, has hired more than 100 staff from the Singapore office of RBS Coutts, in one of the largest such transfers between industry rivals. The Financial Times revealed last October that more than 70 staff of RBS Coutts, the international arm of the UK private bank, had quit, although their destination was unknown. But Hanspeter Brunner, BSI Asia chief executive, admitted it had boosted its 30-strong Singapore office with 180 recruits in recent weeks – more than half of whom previously worked for RBS Coutts. (Financial Times)
ANZ expects to have the bulk of regulatory approvals for last year’s $US550 million acquisition of Royal Bank of Scotland’s businesses in Asia finalised over the next three months. The bank today said it had received regulatory approval to complete its acquisition of RBS’ Singapore and Taiwanese businesses. (Business Day)
Interesting article, however, there are quite some questions around this topic. There are several rumours in the market quoting that Generali needs or wants to sell off it’s Swiss based Bank BSI. It was also recently accounced by Julius Baer that they are not interested in buying a bank with 80% of ‘Italian’ assets under management which could indeed indicate that they had a look at BSI but that the bad qualiy of assets held could well be a deal breaker to many investors. It is yet unknown if the huge investment into Singapore was in connection with a potential sale strategy or if it was a short term decision of publicity seeking managers – sustainable it ain’t.
BSI bosses are reported in the press as caring bosses…staff morale is thus high…but they are born the same time in an era of client mistrust and BoS appearing at the same time may just snatch away biz…Every1 knows that clients these days are not following you to the next bank.
ANZ knows how to buy a biz, but does little hiring or prep work in walking the talk…curious recipe…no products of discernible advantage? A financial planner model in the world of private banking & wealth management .. this is Singapore lah!