UBS, the bank with the best-established onshore private banking platform in China, is adding two more teams to its offshore platform in the country, finews.com has learned.

By Shruti Advani, Editor-at-large, finews.com

The Swiss bank is setting up two more teams to cater to the needs of wealthy Chinese, finews.com has learned. Onshore China, and its rapidly growing billionaire population, is a target for most private banks in the region. UBS finds itself in the headlines after one of its bankers was held up in Beijing.

Marina Lui, head of China for UBS' wealth management arm, called the region «one of the most important important sources of business and growth opportunities» for the entire franchise, in an internal memo seen by finews.com.

In line with that thinking, Lui told staff that UBS is setting up two new country teams for its China international business, to be headed by Ann Qian and Fritz Chan, effective January 1.

Veteran Banker

Qian is a veteran banker who joined the Swiss bank in 2007 as a client advisor and has been a desk head for the China International team since 2011. In the email, Lui commended Qian for a strong track record of creating successful teams and establishing long-term client relationships spanning over many years and across generations.

Prior to UBS, Qian held various managerial positions at ICBC Asia and ICBC Zhejiang, servicing financial institutions and international businesses. Chan joined UBS in 2013 as a desk Head for the China international team and has since built a highly successful business and collaborative team, according to Lui.

Bulking China

Lui commended his in-depth knowledge of the bank’s front-to-back processes and functions, and for his work on project teams to enhance business and operational effectiveness. Prior to UBS, Chan was head of business management at Barclays Wealth and senior manager at BNP Paribas Wealth Management.

Lui herself is a UBS veteran who was with the bank through the financial crisis and earned her stripes as a banker by building the Swiss bank’s China business in the aftermath, under the leadership of Amy Lo, who is wealth management head in China.