HONG KONG: Swiss bank UBS Group AG has asked its China wealth management staff to reconsider their travel plans to the country after authorities there asked one of its bankers to delay her departure from Beijing to meet with local officials, a source said.
The banker, who is based in Singapore and works in the relationship management team in UBS’s wealth management unit, still has her passport, but was asked to remain in China and meet with local authority officials next week, the person said. The identity and position of the banker were not known.
The purpose of the meeting with authorities is not clear, but the bank has asked others in its China wealth management team to review their travel plans carefully.
No other units in the bank, including back office or asset management teams, have been asked to re-consider existing travel plans.
The Swiss bank is the largest wealth manager operating in Asia, with $383 billion of assets under management, according to Asian Private Banker magazine, ahead of Citigroup, Credit Suisse, HSBC and Julius Baer Bakers. — Reuters
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