Published by AsianPrivateBanker – 20th March 2015
Another senior manager is believed to be leaving RBS’ private banking arm, this time the Philippines market head.
Ray Chan, Coutts’ head of Philippines market, is thought to have resigned. Chan has been in the role since 2012.
When contacted, a Coutts spokesperson declined to comment.
Prior to Coutts, Chan worked at Morgan Stanley in Hong Kong, where he was responsible for building its offshore Philippines team targeting the ultra-high-net-worth tier. Prior to that, he worked at Credit Suisse in Hong Kong as the market leader of the Philippines.
Chan has also served Philippine clients during his time with HSBC Private Bank, Citigroup Private Bank and Bank of Bermuda, all in Hong Kong.
String of departures
The move is the latest in a string of departures from Coutts. Most recently, Andrew Sum, the former Coutts Greater China head left to join Barclay’s. Subsequently, Andrew Lo, who was involved in senior management at Coutts Hong Kong branch, also left to join Standard Chartered in a similar role.
Many industry insiders are expecting the announcement of Coutts’ buyer any day now. Coutts has been up for sale since September last year, during which time several banks have been tipped as buyers, including DBS, Credit Suisse, UPB, ANZ, Investec and J. Safra Sarasin.
Coutts has US$15 billion in assets under management, down by 5%, the only bank in the top 20 to register a decline, according to the Asian Private Banker AUM table.
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