Swiss bank UBS has introduced its locally-incorporated business unit in China, in a move to carry out Yuan businesses in wealth management.
UBS Asia-Pacific chief executive Axel Weber was quoted by Reuters as saying, "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."
"We are committed to expanding our presence here and broadening our products and services to meet the needs of clients," Weber added.
Currently, UBS manages brokerage and mutual fund joint ventures (JV) with local companies, as well as a private equity unit in the country.
JPMorgan Chase, Morgan Stanley, and HSBC are among 40 international lenders who have already launched their China operations, as reported by the news agency.
In order to ensure smooth operations and expand business in the country, many foreign banks have infused additional capital in their local units.