Despite recent business challenges, UBS is planning to expand its wealth management and fund business in China. The future of the onshore securities business remains uncertain.
“China is a key strategic market and a place where we want to do more,” said Eugene Qian, UBS’s China Country Head, in an interview with Bloomberg TV. “In particular, we want to expand the onshore wealth and asset management platforms.”
Qian noted that it has taken years to reach their current position in China, with the journey spanning over three decades. He also mentioned that the company has made “good progress” in consolidating the activities of Credit Suisse (CS).
UBS has entered into a collaboration with the Industrial & Commercial Bank of China (ICBC) to serve its global and onshore clients. This agreement is part of UBS’s decades-long efforts to expand its presence, Qian added.
However, UBS still needs to integrate the CS units in China and sell the securities business, as it cannot hold two licenses for the same business. Qian stated that they are discussing options for CS’s onshore securities business with Chinese regulatory authorities.
Last year, CS had to lay off its entire wealth management team in China, as UBS decided not to retain the employees following the merger of the two companies, according to Bloomberg.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇨🇳 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Eugene Qian |
| Companies | Credit-Suisse, Industrial & Commercial Bank of China (ICBC), UBS, Bloomberg TV |
| Currencies | None |
| Securities | None |
