UBS' business in Asia has been lackluster in recent quarters. Now, the Swiss bank has countered with an unequivocal show of strength.
The world's largest private bank, UBS, has become the first wealth manager in the Asia-Pacific region to break through the 300 billion Swiss francs milestone, the bank said in a press release.
As finews.asia reported, invested assets of UBS's wealth management division in Asia Pacific grew from 266 billion Swiss francs in the first quarter 2016 to 311 billion Swiss francs in first quarter 2017.
Focus on China, Japan, and Taiwan
Asia is without doubt one of the most important sources of new business opportunities for UBS. Over the last year the Zurich headquartered bank has opened a branch in Shanghai and another in Kowloon, its first branch in Hong Kong outside the central business district.
The firm currently employs more than 1,000 client advisors in the region. «As the results show, Asia remains an area of growth for UBS, we plan to consolidate our growth in the region by sharpening our focus on China, Japan, and Taiwan, as well as the regional wealth management hubs, Hong Kong and Singapore,» said Edmund Koh, Head UBS Wealth Management, Asia Pacific.
