Hans Peter Brunner, chief executive of Coutts Bank von Ernst in Zurich, has said Royal Bank of Scotland may relocate its Swiss division to S...

Hans Peter Brunner, chief executive of Coutts Bank von Ernst in Zurich, has said Royal Bank of Scotland may relocate its Swiss division to Singapore.

Mr Brunner told Swiss newspaper Handelszeitung: "As far as fortune management is concerned there is money to be made in Asia. China, India and Indonesia make up about the half of the world's population.”

Asked whether the RBS private banking section would move to Asia and leave Switzerland, Mr Brunner said: "If our Asian business continues to grow as it has in the past three or four years, then I shall have to consider where - as the head of the section - I should be based. At the moment there are no concrete plans. But Credit Suisse has already taken this step."

On the possibility of growing the private banking business through acquisitions, Mr Brunner said: "Acquisitions are clearly a part of the growth strategy. When an opportunity to buy appears, which fits in with our business, than I am convinced that the RBS will have the money available.

"The dimensions are irrelevant: whether it is a finance house of £4 billion to £9 billion worth, or even a bank as big as ourselves. Providing the business case can be made, then we will get the cash."