Coutts Singapore Staff Quit to Join BSI
RBS Coutts Bank Ltd., the private banking arm of the Royal Bank of Scotland Group PLC, has lost about 70 people from its Singapore office and a number of them will likely join Swiss private bank BSI AG (Generali), a person familiar with the situation said Tuesday.
"Many of them have offers from BSI," the person said, adding that the mass resignation followed the departure of Raj Sriram, the former head of RBS Coutts' Southeast Asia unit, who joined BSI earlier this year.
"He is instrumental in BSI's recruiting in Asia," the person said.
The person didn't say whether the staff who left RBS Coutts would join BSI's Singapore branch or work elsewhere in Asia.
BSI officials weren't available for comment. BSI, headquartered in Lugano, Switzerland, specializes in private banking and asset management services for both private and institutional clients.
The resignations were at the bank's Singapore office where "over 20 bankers and some support staff" left, RBS Coutts said in a statement, adding that the departures represent no more than 15% of the bank's 510 employees in Asia.
Most of RBS Coutts' staff work in Hong Kong and Singapore.
The person said about 50 support staff had resigned along with the bankers and that some had sighted the absence of a bonus this year as the reason for their departure.
"Staff volatility in the private banking industry is not unusual, especially in Asia where it is still relatively new compared to the more mature state of private banking in Europe. Given the improving economy, there have been increased recruitment activities in many sectors, including private banking," RBS Coutts said.
RBS Coutts plans to hire about 20 bankers in Asia over the next five years. Its Singapore and Hong Kong offices manage about $16 billion of funds, or about 25% of the private bank's total funds.
The bank said the departures had no impact on clients.
By Costas Paris
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