UBS has launched its locally-incorporated unit in China, which opens the way for it to conduct yuan-, or renminbi-denominated business in wealth management and other areas. 

The Zurich-listed bank said it is the first such Swiss bank to have a wholly-owned subsidiary incorporated in China.

"The establishment of UBS (China) Limited is an important pillar in UBS’s unique domestic multi-entity platform. The subsidiary bank status is a critical prerequisite to conduct the broad range of RMB business key to the success of the firm’s wealth management and credit & rates businesses in China," the bank said in a statement.

"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," Axel Weber, the chairman of UBS, said. "It is UBS' plan to be one of the leading wealth management providers in China and the subsidiary bank is critical to realise this goal," the statement added.

UBS operates brokerage and mutual fund joint ventures with local partners, as well as a private equity unit.

At present, 12 per cent of UBS staff work in the Asia-Pacific region.