UBS (China) Limited, UBS AG's locally-incorporated wholly foreign-owned bank focusing on wealth management business, today announced the opening of its new Shanghai branch.
Following the opening of a sub-branch in Beijing in October 2014, the new Shanghai branch becomes UBS's second ground-floor presence in the Asia Pacific region and part of the branch network that will underpin UBS's growth in domestic wealth management business in China.
"Our branch in Shanghai represents the latest step in the expansion of our Mainland presence. China will continue to post higher growth than any other comparable global economy, and rapid wealth creation here will present huge growth potential for our wealth management business, While China's economy is undergoing a year of adjustment, we continue to believe in the strong fundamentals of the country's growth story," said Jürg Zeltner, President, Wealth Management, UBS.
"Our vision is to be the pre-eminent global wealth manager in China. We will continue to invest in China, both in terms of hiring and in broadening the services and products available to our clients. The opening of the Shanghai Branch is a milestone. I am confident it will be one of many along the path to building our business in China," said Edmund Koh, Head, Wealth Management Asia Pacific, UBS.
"Our greatest differentiator and driver of growth will be our ability to offer our clients access to the expertise and the capabilities in China as well as globally. With our integrated banking model that harnesses the strength of our investment bank, and asset and wealth management businesses, we strive to be the 'Bank for Entrepreneurs', catering to the investment, business and family-related needs of our clients," said Amy Lo, Head, Wealth Management Greater China, UBS.
The new Branch is located in the Shanghai landmark, Xintiandi in Huangpu district. A unique feature of the premises is the display of 37 western and Chinese contemporary art pieces selected from the UBS Art Collection.
UBS has over 150 years' history, and is the largest wealth manager globally and in Asia Pacific. It has wealth management offices in 10 locations across six countries in Asia Pacific, with assets under management of CHF272 billion at the end of 2015.
Notes for editors
UBS
UBS is committed to providing wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland, with superior financial advice and solutions, while generating attractive and sustainable returns for shareholders. Its strategy centers on its Wealth Management and Wealth Management Americas businesses and its leading universal bank in Switzerland, complemented by its Asset Management business and its Investment Bank. These businesses share three key characteristics: they benefit from a strong competitive position in their targeted markets, are capital-efficient, and offer a superior structural growth and profitability outlook. UBS's strategy builds on the strengths of all of its businesses and focuses its efforts on areas in which it excels, while seeking to capitalize on the compelling growth prospects in the businesses and regions in which it operates. Capital strength is the foundation of its success.
UBS is present in all major financial centers worldwide. It has offices in more than 50 countries, with about 35% of its employees working in the Americas, 36% in Switzerland, 17% in the rest of Europe, the Middle East and Africa and 12% in Asia Pacific. UBS Group AG employs about 60,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).
In China, UBS has a multi-entity domestic platform which allows it to develop its core businesses – wealth management, asset management and investment bank. 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 Securities holds a majority stake in UBS Futures Co. Limited. UBS (China) Limited is the wholly foreign owned bank focusing on wealth management business. 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 in Beijing is engaged in domestic non-securities equity investment management and advisory services. UBS Asset Management (Shanghai) Ltd in the Shanghai Free Trade Zone offers private funds for investing in overseas markets under the Qualified Domestic Limited Partner (QDLP) scheme.
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Mainland China: +86 1891 139 3363 (Joanna Sin), +8621 3866 8051 (Susie Su)