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UBS opens wholly-owned subsidiary in China
By Hu Xiaocen |
January 16, 2013, Wednesday
|
Online Edition
Online Edition
UBS AG, the first Swiss lender to open a locally-incorporated banking subsidiary in China, today said its Chinese banking arm will help expand its presence in the country.
UBS received a regulatory approval last year for converting its Beijing branch into a wholly-owned subsidiary in China.
Axel Weber, chairman of UBS, said at a ceremony in Beijing today: "China represents one of the most important markets in the world for UBS. We are committed to expanding our presence here and broadening our products and services to meet the needs of clients."
The Swiss bank has a multi-entity platform in the country. Apart from the newly established UBS (China) Ltd that supports wealth management, credit and rates businesses, the lender also runs UBS Securities, UBS SDIC Fund Management Co, and UBS Global Asset Management (China) Ltd. in the country.
UBS received a regulatory approval last year for converting its Beijing branch into a wholly-owned subsidiary in China.
Axel Weber, chairman of UBS, said at a ceremony in Beijing today: "China represents one of the most important markets in the world for UBS. We are committed to expanding our presence here and broadening our products and services to meet the needs of clients."
The Swiss bank has a multi-entity platform in the country. Apart from the newly established UBS (China) Ltd that supports wealth management, credit and rates businesses, the lender also runs UBS Securities, UBS SDIC Fund Management Co, and UBS Global Asset Management (China) Ltd. in the country.
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