UBS set to offer more services with subsidiary
By Hu Xiaocen |
May 31, 2012, Thursday
|
Print Edition
Print Edition
UBS AG has received regulatory approval to convert its Beijing branch to a wholly-owned subsidiary in China so that the bank will be able to offer a wider range of services to meet rising demand.
With an initial registered capital of 2 billion yuan (US$315.5 million), UBS China Ltd will help the bank to conduct a broader range of yuan business. The subsidiary, expected to open in the third quarter this year, will deepen the Swiss bank's roots in China, it said in a statement yesterday.
"China represents one of the most important markets in the world for UBS," said Yoon Chi-won, chairman and CEO of UBS, Asia Pacific.
"We are committed to expanding our presence here and broadening our products and services to meet the needs of clients," he said.
In 2007, HSBC Holdings Plc, Standard Chartered Plc, Bank of East Asia Ltd and Citigroup Inc were the first foreign lenders to be locally incorporated in China. By the end of 2011, there were 37 locally-incorporated foreign banks, and 245 locally-incorporated branches of foreign banks in the country, according to the China Banking Regulatory Commission's latest annual report.
With an initial registered capital of 2 billion yuan (US$315.5 million), UBS China Ltd will help the bank to conduct a broader range of yuan business. The subsidiary, expected to open in the third quarter this year, will deepen the Swiss bank's roots in China, it said in a statement yesterday.
"China represents one of the most important markets in the world for UBS," said Yoon Chi-won, chairman and CEO of UBS, Asia Pacific.
"We are committed to expanding our presence here and broadening our products and services to meet the needs of clients," he said.
In 2007, HSBC Holdings Plc, Standard Chartered Plc, Bank of East Asia Ltd and Citigroup Inc were the first foreign lenders to be locally incorporated in China. By the end of 2011, there were 37 locally-incorporated foreign banks, and 245 locally-incorporated branches of foreign banks in the country, according to the China Banking Regulatory Commission's latest annual report.
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