UBS Sets Out Onshore China Private Banking, Wealth Ambitions – Report

Editorial Staff 9 January 2024

UBS Sets Out Onshore China Private Banking, Wealth Ambitions – Report

Part of the jigsaw puzzle is the Credit Suisse onshore securities business that UBS has taken over as part of the banks' M&A deal of last spring.

UBS wants to grow its wealth and asset management business in China, shrugging off the slowing economy and shortage deals that have cooled the ardour of certain US and European lenders in the country, Bloomberg reported.

China is a key strategic global market – a place where “we want to do more,” Eugene Qian, China country head for UBS told Bloomberg TV in an interview on the sidelines of the bank’s Greater China Conference in Shanghai yesterday. “Particularly, we want to expand the onshore wealth and asset management platforms,” he was quoted as saying. 

The comments come almost a year after UBS rocked the global banking world by its move to buy Swiss rival Credit Suisse, which already has a significant banking footprint – including private banking – in the Asia-Pacific region. 

As the news report also noted, in 2023 UBS signed a memorandum of understanding to collaborate with Industrial & Commercial Bank of China to serve its global and onshore clients, he said.

That deal is part of a multi-decade effort to grow its presence, Qian was quoted as saying.

This news service has contacted UBS for further comments on the story, and may update in due course.

UBS is discussing options with Chinese regulators for Credit Suisse’s onshore securities business, according to Qian, the report added.

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