Union Bancaire Privée was never particularly Swiss, according to CEO and co-owner Guy de Picciotto. But the wealth manager has clear opinions about Swiss issues like Libra, negative interest rates, and Credit Suisse’s spy scandal.


Guy de Picciotto, since taking over Coutts International, Union Bancaire Privée (UBP) has a strong presence in Asia. Is it important to be a Swiss bank there?

Without a doubt, Swissness is important – more important even than in Europe or Latin America. Do we capitalize on it? No.

Why not?

UBP has never been markedly Swiss. When my father – Edgar de Picciotto – founded the Bank in 1969, the big Swiss banking names already existed. In order to stand out, he started to invest in hedge funds very early on making us a pioneer on the investment side.

«My father often told me that story, so it’s probably true»

Later on, we began to take over foreign financial institutions, which made the bank definitely more international than others. Today that’s what almost everyone is doing.

Is the story true that in the bank’s early days, your father would leave the lights on in the offices day and night to give the impression of being busy?

He often told me that story, so it’s probably true (laughs). But seriously, in comparison with other private banks in Geneva, we were always somewhat different.

Are you going to celebrate UBP’s 50th anniversary?

That’s a tricky question. No. In fact, while it’s true that our father Edgar de Picciotto founded Compagnie de Banque et d’Investissements (CBI) in 1969, UBP’s roots reach as far back as 1956 when TDB American Express Bank was born, a firm which merged into CBI in 1990 to become UBP.

«Well, whoever said we do things like everyone else?»

So that's another distinguishing feature of our bank: it has several birthdays! And some will remember that we already celebrated it in 2006. But we celebrated again internally in June this year. Well, whoever said we do things like everyone else? (laughs)

In recent years, UBP has taken over a range of competitors in Switzerland, such as the international private banking arm of ABN Amro, Lloyds International Private Banking and most recently, Coutts International. This British institute was very strong in Asia. Does this mean you’ve reached a critical mass in the region?

No. That definitely cannot be said with 18 billion Swiss francs in private clients’ assets under management. Our closest competitors are around twice as big as us. In order to stay on clients’ and other relationship managers’ radars, we have to grow further. Admittedly, that’s tough, as it’s what every bank is trying to do.