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UBS approved to set up China unit

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.

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