China boasts a rapidly growing billionaire population.
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Swiss bank UBS has withdrawn a warning to wealth managers against travel to China days after issuing one when one of its advisers was requested to stay put in Beijing by Chinese authorities.
In statement published in the Financial Times on Tuesday, the bank said,”UBS would like to confirm that we allow all our staff to travel freely in and out of the country and it is business as usual for us in China, UBS has had a strong franchise in China for 30 years and remains fully committed to further developing our business on the mainland.”
According to the Financial Times and the New York Times on Monday, UBS recommended against travel to China after a Singapore-based UBS banker who had recently travelled to China to advise a wealthy Chinese client was asked to stay in the country to answer questions regarding an undisclosed matter.
The banker had not been detained, according to a person familiar with the matter. The company issued an internal memo recommending regional private banking advisors to postpone trips to China until her situation is clarified.
The Swiss banks runs an onshore wealth management business in China. UBS is also Asia’s top wealth manager with $383 billion (CHF351 billion) in assets under management, according to The Financial Times.
Several other major banks have issued a similar warning to their employees, as Reuters reported on Monday. These include Citigroup, Standard Chartered, BNP Paribas and JP Morgan.
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