HONG KONG (Reuters) – Swiss Bank UBS Group AG. ( UBSG.S ) has asked his fortune management staff in China…
HONG KONG (Reuters) – Swiss Bank UBS Group AG. ( UBSG.S ) has asked his fortune management staff in China to review their travel plans to the country after the authorities asked for one of the bankers to delay their departure from Beijing to meet local officials, a person who is familiar with the case said.
PHOTO PHOTO: The logo of the Swiss bank UBS is being viewed at a branch office in Zurich, Switzerland on January 27, 201
7. REUTERS / Arnd Wiegmann
The Singapore based banker, working in the Relations Management Team of the UBS wealth management unit, still has its pass, but was asked to stay in China and meet with officials next week, said the person. The bank’s identity and position were not known.
The purpose of the meeting with the authorities is not clear, but the bank has asked others in their wealth management country China to carefully review their travel plans.
No other units in the bank, including office or asset management groups, have been asked to reconsider existing travel plans. An UBS spokeswoman refused to comment
The Swiss Bank is Asia’s largest wealth manager, with $ 383 billion of managed assets, according to the newspaper Asian Private Banker, in front of Citigroup Credit Suisse HSBC ( HSBA .L ) and Julius Baer Bakers.
The meeting also comes as UBS has built up its presence in China. Last week, it went one step closer to becoming the first bank to take the majority ownership of its joint venture in China under new rules aimed at opening up the sector when two of its current partners put up their efforts for sale.
All agreements on the efforts will need to be approved by Chinese authorities, which do not yet give the green light for 51 percent shareholding.
Reporting by Jennifer Hughes in HONG KONG and Tony Munroe in BEIJING; Editing Sam Holmes
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