Switzerland’s UBS bank aims to grow its wealth and asset management business in China, despite the slowing economy and dearth of deals that’s weighed on some Wall Street and European lenders in the country.
China is a key strategic global market and is 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 Monday. “Particularly, we want to expand the onshore wealth and asset management platforms.”
His comments come after Credit Suisse last year dismissed its entire wealth management team in China as UBS decided not to take on the staff after the firms merged, Bloomberg has reported. US and European banks are “ring-fencing” operations in China as they try to navigate heightened tensions between the world’s two largest economies and tighter regulations.
UBS last year signed a memorandum of understanding to collaborate with Industrial & Commercial Bank of China Ltd. to serve its global and onshore clients, he said. The deal is part of a multi-decade effort to grow its presence, Qian added.
“In China it takes years to develop where we are,” he said. “It took us over three decades.”
The company has also made “good progress” in consolidating the Credit Suisse operations, leaving it well positioned to capture future opportunities, said Qian.
UBS, which has yet to merge Credit Suisse’s entities in China, needs to sell the securities venture because it already controls one in the country and can’t hold two licenses for the same business. UBS is discussing options with Chinese regulators for Credit Suisse’s onshore securities business, according to Qian.
This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles. You can find them here.
If you want to know more about how we work, have a look here, and if you have feedback on this news story please write to english@swissinfo.ch.
External Content
Your subscription could not be saved. Please try again.
Almost finished… We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.
Popular Stories
More
Swiss Abroad
Ups and downs: Swiss drivers benefit from world’s only mobile bridge
Is your place of origin, your Heimatort, important to you?
Every Swiss citizen has a Heimatort, a place of origin, but many have never visited theirs. What’s your relationship with your Heimatort? What does it mean to you?
Swiss name Alpine stonefly ‘new species of the year’
This content was published on
The Swiss Systematics Society has named the alpine stonefly species Dictyogenus nadigi as the "new species of the year 2025".
Too much light at night disturbs great tits when breeding
This content was published on
Great tits have fewer young in nesting boxes in the city than in forests. The reason for this is light pollution, according to a Swiss study.
Psychologists: big break in relationships comes one to two years before separation
This content was published on
Many people ask themselves whether their relationship will last. A clear sign exists that it could soon be over, according to an analysis with Swiss participation.
This content was published on
The train line between Täsch and Zermatt in southwestern Switzerland was interrupted again on Wednesday morning by another rockfall.
New counter-proposal launched for initiative to halve Swiss licence fee
This content was published on
Swiss companies are to be completely exempt from the licence fee until 2035. In return, households should continue to pay CHF335 ($380) a year, recommends a parliamentary committee.
Swiss carry out record number of civilian service days
This content was published on
Members of the civilian service completed a record 1.9 million days of service in 2024, a 3.5% increase on the previous year.
Initiative aims to curb lobbying in Swiss parliament
This content was published on
A new popular initiative wants to put the brakes on lobbying in federal politics. Members of the Federal Assembly with vested interests are the target.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.