Switzerland’s UBS Group is looking to grow its wealth and asset management business in China, the bank’s country head has said.

Speaking to Bloomberg TV, Eugene Qian said that the bank wants to “do more” in China and that the country represents a key strategic global market.

US and European lenders have recently been considering their position on China due to the slowing economy and the country’s tougher stance on dealmaking. Credit Suisse, which was acquired by UBS following its collapse early last year, dismissed its entire wealth management team in China after UBS decided not to take on the staff.

Other US and European banks have been ‘ring-fencing’ their Chinese operations amid heightened tensions between western nations and the Asian country.

However Qian, speaking to the outlet at the bank’s Greater China Conference in Shanghai, said that UBS wants to “expand the onshore wealth and asset management platforms” in the country.

He added: “In China it takes years to develop where we are. It took us over three decades.”

In the interview, Qian also discussed a memorandum of understanding to collaborate with Industrial & Commercial Bank of China signed by UBS last year and called it part of a multi-decade effort to grow the bank’s presence in the country.

He also said that “good progress” had been made towards consolidating the Credit Suisse operations in China, where the bank is yet to merge with the core UBS operation. UBS has been mandated to sell its securities venture as Credit Suisse already controls one in the country and cannot hold two licences for the same business.

Qian said that UBS is discussing options with regulators over Credit Suisse’s onshore securities business.

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