UBP mulls bank licence for HK, Singapore in Asia push

Union Bancaire Privée (UBP) is weighing up whether to apply for a bank licence in Singapore and Hong Kong, or both, as it seeks to deepen its penetration in Asia and emerging markets. The 50-year-old Swiss firm, which describes itself as an asset management bank, has historically grown through acquisitions, with a strong focus on hedge funds. Its core business is private banking, which accounts for about 70% of its $70 billion in global assets. It also has an asset management bu…