Swiss lender UBS Group AG, the biggest private bank in Asia, is set to open a Shanghai branch within this year to further cement its position in the country’s wealth management sector.
The decision of UBS to open a branch in Shanghai was partly triggered by China’s move to open up its financial industry.
The bank already has offices in Guangzhou, Shanghai and Beijing and a store-front operation in the capital but it is a relative newcomer in China.
We need to get a foothold there first,” she said by phone from Hong Kong. “It’s really to establish our presence, establish our brand in China. – Kathryn Shih, UBS Group’s Asia Pacific wealth management head told Bloomberg