Legal
UBS Warns Bankers About China Travel - Reports

UBS is advising some of its bankers against travelling to China.
UBS has warned some of its
bankers against travelling to China after the country asked one
of the Swiss lender’s managers to assist an investigation, media
reports said, citing unnamed sources.
The nature of the investigation and why the authorities want to
speak to the banker – a woman who had been based in Singapore but
is now in Beijing – isn’t known, a source told the Wall
Street Journal. The unnamed source said the woman is not
facing a legal issue herself and expected to talk to legal
authorities in coming days. Separately, Bloomberg said a
UBS employee had been “detained”.
The WSJ’s story said UBS’ warning to employees applies
only to wealth managers for the firm and advises that they
consider holding off China travel for a few days as more
information becomes available.
The name of a female UBS wealth manager was widely circulated on
social media in China over the weekend in a message that said she
wasn’t permitted to leave the country this past week, the report
said. Singapore’s embassy in Beijing and its Ministry of Foreign
Affairs didn’t immediately respond to questions, the WSJ
said.
Such a restriction on travel to China will be a blow to a bank
that has aggressively stepped up Asia operations in recent years,
as have Swiss rivals Credit Suisse and Julius Baer.
UBS declined to comment to this news service when contacted
today.