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UBS Expands Footprint In China With Beijing Office
Tom Burroughes
16 October 2014
The China-incorporated bank of has opened a sub-branch in Beijing, described by the Zurich-listed wealth management and banking house as its first “ground-floor presence” in Asia-Pacific. Among the details is that it houses a selection of contemporary works of art selected from the UBS Art Collection by three of the most important artists of the last 20 years from Europe and the US.
The branch is located in the central business district of Beijing and the first time, a spokesperson said, that the firm has gone for a "street-level" presence as a way of boosting its brand visibility.
“UBS sees great potential for its China wealth management business and building a strong domestic franchise remains a priority for UBS," Kathryn Shih, head of UBS Wealth Management Asia-Pacific, said in a statement.
Her colleague, Edmund Koh, who is head of UBS Wealth Management South East Asia and APAC Hub, added: “UBS (China) Limited, a wholly-owned subsidiary incorporated in China in 2012, is focusing on wealth management business, aligned with UBS's global strategy. It is committed to providing superior international advice and holistic solutions to Chinese domestic clients to meet their personal, family and corporate needs."
As at the second quarter of 2014, UBS had total invested assets of SFr238 billion ($249 billion) from wealth management clients in the Asia-Pacific region.