UBS China wealth management staff have been warned against travelling to the country after one of its bankers was asked by Chinese authorities to not to leave the country.
According to media reports, the banker in question is currently in possession of her passport and is expected to meet with local authorities in the coming days.
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Any other detail regarding the identity of the banker was not disclosed. The purpose of the meeting was also not revealed.
The banker in question is based in Singapore and had travelled to China to meet with clients.
Other UBS units such as back office or asset management teams were exempted from the warning on China travel plans. The bank is currently trying to get more information on the matter.
UBS earlier said that China is a focus of its business in Asia.
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By GlobalData“In Asia Pacific, we have further strengthened our position as the largest wealth manager. Capturing growth opportunities in China is central to our strategy. We have accelerated our growth and expanded our business across the region, with a particular focus on Hong Kong and Singapore, as well as onshore markets, for example, Japan, China and Taiwan,” the bank said in its 2017 annual report.
