May. 30, 2012 (China Knowledge) - UBS AG, a global financial services company, said today that it has obtained approval from the China Banking Regulatory Commission
to upgrade its Beijing
branch to a locally-incorporated bank.
UBS said in a statement that the new entity, to be called UBS (China) Ltd, is expected to start operation in the third quarter of this year.
Chi-Won Yoo, CEO and chairman at UBS AG Asia Pacific, said that the establishment of the China bank unit would enable the company to develop wealth management, fixed-income, commodity and currency (FICC) businesses.
UBS has been in mainland China Since 1985. It got a qualified foreign institutional investor (QFII)
license from the China Securities Regulatory Commission
in 2003 and opened the first China branch in Beijing
in August 2004.