Prior to the takeover, UBS had already built an established presence in northern markets in APAC. It is now seeking to take advantage of a «very complementary» book from Credit Suisse that involves southern markets in the region, according to Asia wealth chair Amy Lo.
For many years, UBS has been the leading private bank in Asia by assets under management though it may not have been the top player in every sub-region, most notably in southern markets. But according to UBS chairman Colm Kelleher in May 2023, the enlarged Swiss financial group gained pole position in South Asia Pacific «at a stroke» following the takeover of Credit Suisse.
«Historically, UBS is very strong in the Greater China region. The integration [of Credit Suisse] has been very complementary,» said wealth management chair Amy Lo during a session at the «Bloomberg Wealth Asia Summit» attended by finews.asia, highlighting India, Australia and Thailand as significant contributors of fresh client assets.
Business Strategy
Moving forward, UBS Global Wealth Management will focus on a two-pronged approach for its Asia business.
Firstly, it will look to further expand in established markets such as Taiwan, Australia and Switzerland, where it has over 100 bankers covering the Asian market including 60 that speak Mandarin. Secondly, it will focus on China and India in the long term as the two largest growth markets in the region.
Hong Kong Optimism
In Hong Kong, pessimism continues to be frequently found in headlines with numerous financial firms pulling back via job cuts. Despite the gloom, Lo believes the outlook remains positive, citing the bank’s new office in the city as proof of confidence.
«We continue to invest in Hong Kong. We signed a lease for 10+1 years to move to West Kowloon [and] if we don’t see the potential in the growth, we won’t commit to such a long-term lease,» she added.
