HONG KONG—A 29-year-old British banker appeared in court on Monday to face murder charges after police said they found two women dead in his apartment, with one body hidden in a suitcase.

Police said Rurik Jutting called them to his apartment early Saturday in an upscale building in the city’s Wan Chai district, an area popular with tourists and known for its night life. Until recently, he had been a Hong Kong-based employee of Bank of America Merrill Lynch, said a person familiar with the matter.

Wearing black clothes with “New York” emblazoned across the front and back of his T-shirt, the unshaven Mr. Jutting appeared calm as the two murder charges were read out against him. Glancing occasionally around the courtroom and cocking his head to see the judge from inside the defendants dock, Mr. Jutting spoke clearly when asked if he understood each charge. “I do,” he said twice.

Mr. Jutting, whose full name is Rurik George Caton Jutting, according to a U.K. regulatory filing, moved to the bank’s Hong Kong operation in July 2013, having worked for three years in the London offices. He previously worked for Barclays , also in London.

The first victim was named as Ningsih Sumathi who died on October 27. The second victim, who was not named, died on Saturday.