Union Bancaire Privee's well-known Zurich branch manager is leaving the Swiss private bank. The Geneva-based firm said it has found a temporary stand-in.

Zilker 160He cut an important figure in Union Bancaire Privee's, or UBP's recent history: Peter Schmid, the head of the Swiss private bank's activities in Zurich, is leaving with immediate effect. The Geneva-based bank confirmed the move to finews.com following media reports.

Stephan Zilker (pictured left), currently UBP's operating head in Zurich, will replace Schmid temporarily.

Key Merger Banker

Schmid is embarking on a new career path with a Zurich-based rival. Besides the Zurich area, he had also headed UBP's business in northern Europe and sat on top management.

The Swiss banker, who joined UBP from Merrill Lynch Switzerland three years ago, is one of the forces behind the integration of Coutts International into the Swiss bank.

The former Royal Bank of Scotland subsidiary, which UBP bought two years ago, had most of its 150 private bankers in Switzerland in Zurich. This posed a delicate challenge for UBP and in particular Schmid, who chose several Coutts bankers including Marco Bianchin, Norman Villamin, and Daniel Wuethrich for top positions following the merger.

Weightier Zurich

The Coutts integration also lent Zurich far more weight in UBP, because it now uses the city to target clients in German-speaking Europe. UBP said recently that its Zurich offices manage roughly 23 billion Swiss francs in client assets.

Under Schmid, Zurich also became a notable hub for UBP's institutional clients. With his departure, the prestigious Bahnhofstrasse 1 location will be looking for new management.