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UBS (China) Limited officially opens
UBS (China) Limited, UBS AG’s locally-incorporated wholly foreign-owned bank (WFOB) today celebrates its official opening at a ceremony held in Beijing co-hosted by UBS Chairman, Axel Weber and UBS APAC CEO, Chi-Won Yoon.
UBS (China) Limited was previously UBS AG Beijing Branch which received its approval from the China. Banking Regulatory Commission in 2012 for its conversion into the current entity. UBS is the first Swiss bank to have its wholly-owned subsidiary incorporated in China.
The establishment of UBS (China) Limited is an important pillar in UBS’s unique domestic multi-entity platform. The subsidiary bank status is a critical prerequisite to conduct the broad range of RMB business key to the success of the firm’s wealth management and credit & rates businesses in China.
”China represents one of the most important markets in the world for UBS. We are committed to expanding our presence here and broadening our products and services to meet the needs of clients,“ said Axel Weber at today’s opening ceremony.
WFOB status allows UBS to offer products and services that are only available to domestic banks and WFOBs, including a full range of RMB trading capabilities in the interbank market as well as structured and “Qualified Domestic Institutional Investor”(QDII) products. It is UBS's plan to be one of the leading wealth management providers in China and the subsidiary bank is critical to realize this goal.
In China, UBS has a multi-entity domestic platform which allows it to develop its core businesses - wealth and asset management, and investment banking. The establishment of UBS Securities represents the first time that a foreign-entity has been allowed to invest directly into a fully-licensed securities firm. UBS (China)
Limited supports the wealth management and credit and rates businesses. UBS SDIC Fund Management Co. Ltd is a joint venture with the State Development Investment Corporation in which, for the first time, a foreign partner holds the maximum 49% equity stake. UBS Global Asset Management (China) Limited is engaged in domestic non-securities equity investment management and advisory services.
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