HONG KONG (Reuters) – Swiss bank UBS Group AG. ( UBSG.S ) has asked its Chinese asset managers to rethink their travel plans into the country after local authorities asked one of their bankers to postpone their departure from Beijing to meet with local officials the thing.
FILE PHOTO: The logo of the Swiss bank UBS can be seen in a branch in Zurich on January 27, 201
The Singapore-based banker works in the Relationship Management team in UBS's Wealth Management Unit, which still has its passport but was asked to stay in China next week with representatives from local authorities to meet, said the person. The identity and position of the banker were unknown.
The purpose of the meeting with authorities is not clear, but the bank has asked others in their China Wealth Management team to carefully review their travel plans.
No other unit in the bank, including back-office or asset management teams, was asked to rethink existing travel plans. A UBS spokeswoman declined to comment
According to Asian Private Banker magazine, the Swiss bank is the largest Asian-based asset manager with US $ 383 billion in assets under management, followed by Citigroup
The meeting also takes place when UBS has expanded its presence in China. Last week, it took a step further to become the first bank to take over the majority stake in its China joint venture under new opening rules for the sector, as two of its current partners put their shares up for sale.
Any agreement on the piles requires the approval of the Chinese authorities, which still have to give the green light for the 51 percent stake.
Reporting by Jennifer Hughes in HONGKONG and Tony Munroe in BEIJING; Edited by Sam Holmes