Coutts loses senior duo as it seeks buyer

Coutts, the wealth management arm of RBS, saw two more senior departures in Asia, as it continues to seek a buyer for its overseas business, although Italian bank Intesa Sanpaolo reportedly emerged on Monday as a suitor.

Kin Cheung, head of active advisory for North Asia, and Kenny Wan, head of investment consulting for North Asia, both moved on in October. Several other executives are also thought to have left since it was reported in mid-July that Coutts International was up for sale.

Cheung moved to DBS Private Bank in November as team head for marketing in Greater China, according to his LinkedIn page. The Singaporean firm declined to comment on Cheung's appointment.

He is yet to be replaced, while Wan's role has been assumed by Horace Wong, previously executive director for investment consulting. 

Cheung was with Coutts for four years, reporting to Johnny Heng, Asia head of investment services based in Singapore.

Wan's next destination could not be ascertained as of press time. But he is believed to be still based in Hong Kong.

A source said Coutts' Asia business has been hit by a string of departures in recent months. In July, for example, veteran private banker Ignatius 'Iggy' Chong left Coutts for RBC Wealth Management, as reported.

A Coutts spokesperson declined to comment on other resignations from the bank but said staff attrition was normal at this time of the year.

RBS last month reportedly appointed Goldman Sachs to run the sale of Coutts International.

Numerous other firms have been mentioned as potential acquirers, including Credit Suisse, DBS, EFG, Julius Baer and UBS.