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UBP says integration of Coutts International is on schedule

Reuters - UK Focus

ZURICH, July 28 (Reuters) - Union Bancaire Privee (UBP (Taiwan OTC: 6471.TWO - news) ) said on Tuesday the integration of Coutts International, bought from Royal Bank of Scotland (LSE: RBS.L - news) , is "on schedule" as the strong franc weighed on first-half earnings.

The Geneva-based private bank said in a statement that net profit for the six months was down 3 percent year on year at 79.5 million Swiss francs ($82.47 million).

"With 80 percent of our assets being denominated in foreign currencies, the strengthening of the Swiss franc has been a significant drag on our revenues," said UBP Chief Executive Guy de Picciotto, the son of the bank's founder.

"The impact of this has been estimated to be 20 million francs over the first six months of the year, and it could increase in the second half of 2015." ($1 = 0.9640 Swiss francs) (Reporting by Joshua Franklin)