Currently, UBS operates brokerage and mutual fund joint ventures with local partners, as well as a private equity unit.
There are around 40 foreign banks, including JPMorgan Chase & Co, Morgan Stanley and HSBC that have already set up units in China.
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And eyeing the expansion of China’s economy, some banks have also been adding additional capital into them.
Reuters quoted Axel Weber, the chairman of UBS as saying: "China represents one of the most important markets in the world for UBS. We are committed to expanding our presence here and broadening our products and services to meet the needs of clients."
"It is UBS’s plan to be one of the leading wealth management providers in China and the subsidiary bank is critical to realize this goal", the publication added.
It was in May 2012 that JPMorgan had injected 2.5 billion yuan (US$394.08 million) into its China unit and HSBC had added 2.8 billion yuan into its China operation in 2011.
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