UBS to reshuffle business in China in bid to strengthen wealth management
China Daily/Asia News NetworkBEIJING -- UBS AG, a leading Swiss Bank, will further strengthen its wealth management business in China, the bank's global chairman, Axel Weber, told China Daily.
February 2, 2013, 12:05 am TWN
This strategy is in line with UBS' global reshuffle that cuts back its investment banking business and places more emphasis on its “core DNA” of wealth management.
“China, as one of UBS' most important markets, will continue to be key for our new strategy,” Weber said during his first visit to China after becoming UBS chairman last year.
The bank just opened its locally incorporated, wholly foreign-owned bank, or WFOB, UBS (China) Ltd., which serves as a pillar in UBS' domestic multi-entity platform.