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October 23, 2018

UBS revokes China travel warning issued to staff

Swiss banking group UBS has revoked a warning against trips to China. The UBS China travel warning was issued to its wealth management staff following the detention of one of its bankers in Beijing.

“UBS would like to confirm that we allow all our staff to travel freely in and out of the country and it is business as usual for us in China. UBS has had a strong franchise in China for 30 years and remains fully committed to further developing our business on the mainland,” the bank said.

The U-turn on the issue comes a day after the bank issued the warning.

A UBS wealth management employee was asked to delay their departure from Beijing in order to meet local authorities for unspecified reasons.

Based in Singapore, the banker is said to have visited China to meet with clients. Other details related to the identity of the banker were not disclosed.

The directive to reconsider China trips was issued as the bank planned to gain more information on the matter.

However, the warning was not applicable to other UBS units including back office as well as asset management teams.

According to media reports, the cautionary stance by UBS also prompted its rivals to recommend its staff to reconsider their China travel plans. The FT reported Citi issued similar cautions to its staff.

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