UBS - UBS Remains Resolute In Expanding Wealth And Asset Management Operations In China Amid Economic Challenges And Global Tensions | Benzinga
In the face of economic difficulties and deal shortages, Swiss multinational investment bank UBS Group AG (NYSE:UBS) remains undeterred in its pursuit to enhance its wealth and asset management operations in China.
What Happened: Eugene Qian, the China head of UBS, highlighted the strategic significance of China’s market and declared the bank’s intent to expand its onshore wealth and asset management platforms further, Bloomberg reported.
Qian’s announcement follows the dismissal of Credit Suisse’s entire wealth management team in China during the firms’ merger last year, as UBS chose not to integrate the staff. In response to escalating tensions between the United States and China, the world’s biggest economies, banks from the U.S. and Europe are adjusting their operations in China.
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UBS has signed a memorandum of understanding with the Industrial And Commercial Bank Of China Ltd (OTC:IDCBY) in a significant move to ...