Zurich-based UBS is reportedly looking to apply for a mutual fund licence in China.
According to the Wall Street Journal, Switzerland’s largest bank is in informal talks with the China Securities Regulatory Commission (CSRC) about its intentions to apply, with plans to submit the application as soon as possible.
UBS was the first foreign bank operating in China to take majority ownership of its local investment-banking unit following the scrapping of the ownership limit in 2018. Other companies including BlackRock, Goldman Sachs and JPMorgan Chase have since followed suit to grow their business in China.
Receiving a licence in China however can take a long time, with BlackRock taking 18 months from applying to become the first foreign fund manager to set up a wholly owned unit in China to launch.
Elsewhere, reports have emerged that UBS's new head of European government bond Jonas Klink was at the centre of a bidding war before joining the Swiss bank. According to efinancialcareers, the former Citi banker was offered “as high as $2 million” by UBS to secure his signature.
Latest News
-
MPs demand answers from banks on IT failures after Barclays outage
-
Robinhood launches trading options for UK users
-
AMP Limited chooses Starling Bank tech for digital bank launch
-
Protests erupt over shutdown of US consumer watchdog
-
India’s central bank rolls out exclusive domains for banks to combat financial fraud
-
FCA doubles number of financial promotions withdrawn in 2024
.jpg)
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
Legacy isn’t the enemy: what FSIs can do to keep their systems up and running
In this webinar we will examine some of the steps FSIs have already taken to rigorously monitor and test systems – both manually and with AI-powered automation – while satisfying the concerns of regulators and customers.
Optimising digital banking: Unifying communications for seamless CX
In the digital age, financial institutions risk falling behind their rivals if they fail to unite fragmented communications ecosystems to deliver seamless, personalised customer experiences.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories