Another blow for RBS Coutts as CEE head resigns
Royal Bank of Scotland Coutts' head of Central and Eastern European private banking has resigned, a fortnight after 70 staff quit en masse from the bank's Singapore branch.
Andreas Schuepbach, after ten years at RBS Coutts and two years on the executive board, has left the Government backed-firm in order to pursue other opportunities.
The news comes a week after Swiss rival Credit Suisse launched its Polish private banking office in Warsaw and announced plans to hire 20 bankers, as one of the first international wealth managers to establish a presence in the country.
In the meantime Gerhard Müller, Swiss-based chief executive of RBS Coutts, will assume the additional responsibility as interim head of private banking, Central and Eastern Europe
Earlier this month the bank suffered a mass resignation of 70 bankers, and announced the internal appointment of Paul Davies as head of private banking, South Asia. A spokeswoman for RBS Coutts confirmed that both regions are targeted for expansion, but she could not confirm the size of potential recruitment programmes.
The UK government is currently in discussion with the European Commission over whether parts of RBS will need to be sold, following its decision to provide the bank with financial support during the credit crisis. To date, Coutts, believed to be an adviser to the Queen of England, has been viewed as a core operation by RBS, but EU pressure might yet lead to a chance in stance.
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