Swiss private bank UBP considering acquisitions

* Acquisitions under review, focus on organic growth

* Private banking growth opportunities in Asia

GENEVA, Nov 28 (Reuters) - Swiss private bank Union Bancaire Privee [UBP.UL] is considering taking advantage of the recent upheavals in financial markets to make acquisitions, its chief executive was quoted on Saturday as saying.

"The changes in the market are supposed to offer opportunities. We are prepared to examine them," Guy de Picciotto said in an interview with Swiss newspaper Finanz und Wirtschaft.

De Picciotto said the emphasis would however be on organic growth, with opportunities focused on asset management around the world and in private banking in emerging markets.

Asia was particularly interesting, including Hong Kong, China, Taiwan and Indonesia.

"To sum up: everywhere, where growth is taking place and tax issues are less important," he said.

Earlier this month UBP hired risk-management specialist Ian Cramb as chief operating officer from Citigroup (C.N), in what is turning into a root and branch overhaul of key positions, given added urgency by an exposure of over 1 billion Swiss francs ($991.1 million) to Bernard Madoff's $65 billion fraud. [ID:nL2376694] (Reporting by Jonathan Lynn, editing by Mike Peacock) ((jonathan.lynn@reuters.com; +41 22 733 3831; Reuters Messaging: jonathan.lynn.reuters.com@reuters.net )) ($1=1.009 Swiss Franc)