With the integration of the Hong Kong capital market with China, both on issuance and the investor side, UBS has made some personal changes, as finews.asia can reveal.
Switzerland's largest bank UBS will combine the Hong Kong-based corporate client solutions (CCS), China team with the Hong Kong and Taiwan team with immediate effect. In addition, to increase co-ordination with the mainland China-based UBS team Xuewen Bi and John Lee will become joint heads of this newly created greater China business, the Swiss bank announced in an internal memo seen by finews.asia.
UBS has had a presence in China since 1989 and its investment bank is considered a market leader. The Swiss bank recently reinforced that position by submitting plans to increase its stake in UBS Securities (UBSS) to 51 percent, the first such move by an international bank since the relaxation of foreign ownership limits.
Based in Beijing
With more than 20 years' experience in investment banking, Xuewen Bi joined UBS Securities as head of debt capital markets in 2010, becoming co-head of CCS at UBSS in 2014 and sole head of the unit last year.
He will continue to be based in Beijing as head of CCS of UBSS, with a focus on strengthening and building the team there.
Based in Hong Kong
John Lee joined UBS at the start of 2017 as vice chairman Asia and made an instant impact, winning a series of key deals for the firm. Lee has worked on some of the region's most important capital markets transactions over more than two decades.
He will be based in Hong Kong with a focus on clients and business activities outside of domestic China.
Xuewen Bi and John Lee will work closely with Catherine Cai, executive vice chairman of the investment bank and chairman of greater China, and David Chin, head of CCS, Asia Pacific.
