The world's largest wealth manager has expanded its market footprint in the Hong Kong area.

UBS yesterday opened its new office in Kowloon, Hong Kong to provide wealth management services to entrepreneurs and other client segments in Kowloon and the New Territories. The Swiss bank has previously said it will ramp up business in this area and build a team of around 100 staff by the end of this year.

The office is UBS’s first office based outside Hong Kong's Central Business District. UBS recently leased a further floor of the new premises, which will have a total gross floor area of 36,000 sq ft.

"We want to be where our clients are located today and in the future," said Amy Lo, head of wealth management, Greater China and country head of UBS Hong Kong. "Entrepreneurs living in Kowloon and in the New Territories present huge growth opportunities for us and we are determined to maintain our status as the 'bank for entrepreneurs'."