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UBS granted two branch licenses to operate wealth management business in Taichung and Kaohsiung
UBS announced today that its application to open two more wealth management branches in Taichung and Kaohsiung has been approved by the Financial Supervisory Commission (FSC). It will bring the number of UBS branches offering wealth management products and services in Taiwan to three.
As the needs of Taiwan's high net worth individuals continue to increase, UBS is now even better positioned to service them. Following the FSC's approval to allow UBS to open two more branches in Kaohsiung and Taichung, the firm will be able to provide best in class wealth management solutions to its clients in two further important hubs on the island. Both branches will offer a comprehensive range of services customized for the wealthy individuals and provide investment strategies best suited to its clients' risk profiles.
"Taiwan is an important and growing market for UBS's wealth management business. And we believe the need to provide sophisticated services and products to the island's high net worth individuals is a major priority. We are extremely pleased with the approval allowing UBS to open two more branches, and we aim to have them fully operational by early 2008," said Sean CHAO, Country Head of UBS AG, Taiwan.
According to UBS estimates, investible liquid assets of affluent households in Asia Pacific (excluding Japan) will grow by 9.7% per annum between 2005 and 2010, versus a global growth rate of around 6%. Taiwan is the third largest wealth management market in Asia Pacific, after Japan and China.
"With more than 140 years of experience in the business, and an extensive global network, we are committed to bringing quality service to the market. We are committed to investing in high calibre people and world class infrastructure to ensure the successful development of the wealth management business in Taiwan," noted Dennis CHEN, Head of UBS Wealth Management in Taiwan.
UBS has had a presence in Taiwan since 1988, and has offered wealth management solutions to high net worth individuals since 2000.
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