Beijing, 26 September 2023 – UBS announced today that it has entered into a Memorandum of Understanding (MOU) with Industrial and Commercial Bank of China Limited (ICBC). The two companies will explore strategic collaborations across asset management, wealth management, investment and corporate banking, across Mainland China, cross-border and overseas markets. The MOU has a comprehensive and diversified scope, including product development & distribution, client coverage, global markets trading, investment & financing, research, asset custody and training and exchange of expertise.
UBS completed the acquisition of Credit Suisse on 12 June 2023, crossing an important milestone for the firm. The combined entity will operate as a consolidated banking group. Credit Suisse currently holds a 20% stake in ICBC Credit Suisse Asset Management Company Limited.
Sergio P. Ermotti, Group Chief Executive Officer, UBS, said, "We are very pleased to be able to enhance our partnership with ICBC, the biggest bank in China with over 10 million corporate clients and 720 million individual customers. UBS’s global strength together with ICBC’s leading position in China and Asia will put us in a unique position to offer international investors access to China as well as to support Chinese companies and investors wishing to go global. China is a key market for UBS and we have had a longstanding presence here for more than 30 years. The partnership will help accelerate our strategy in China.”