Paul Davies succeeds Sriram at RBS Coutts

Oct 22, 2009

The overseer of RBS Coutts's integration with ABN Amro Private Banking in India will now run the South Asia business.

Paul Davies is the new head of private banking for South Asia at RBS Coutts, replacing Raj Sriram, who left the UK private bank to join Swiss wealth manager BSI Bank together with former Coutts co-CEO Hanspeter Brunner.

Those departures pre-empted the resignation of 70 staff, including 20 bankers, from the Singapore office, news of which emerged earlier this month. New Asia chief executive Nick Pollard has since sought to assuage concerns over RBS Coutts's Asian business.

Based in Singapore and reporting to Pollard, Davies will be responsible for the private banking teams in Singapore, Malaysia, Indonesia, Thailand and South Asia. He also looks after the non-resident Indian and non-resident Pakistani teams in Singapore and Hong Kong, and ultra-high-net-worth individuals.

Davies's remit excludes RBS Coutts's onshore India operation, which is managed by Shiv Gupta, who also reports to Pollard.

"Paul will play a key role in developing the South Asia business and driving our growth initiatives forward," says Pollard. "This includes strengthening our client service model, growing our private banking teams, leveraging operational and front-line efficiencies and further development of our women and philanthropy initiatives in his area of responsibility."

In 2008 Davies was seconded to India to oversee the growth strategy and integration of ABN Amro's private banking business there, which had been acquired by the RBS Group.

The integration of the private client business in India has been completed, although renaming and rebranding of the operation is still pending. "We recently launched a full suite of investment services tailored for our clients in India," says Pollard. "What is yet to be completed is the renaming and rebranding of the India onshore business, which will be implemented in line with the India country regulatory process targeted for early next year."

Davies was previously head of international business development and strategy at RBS Coutts, having moved to Singapore in 2000. He helped build the bank's Asian business and increase its focus on non-resident Indian clients.

With 30 years of experience in the financial industry, Davies has also held senior positions in National Westminster Bank and Coutts in the UK, Switzerland and Asia.