UBS is reportedly planning to open a branch in Shanghai in 2015 to strengthen its presence in mainland China.

UBS head of wealth management for Asia-Pacific region Kathryn Shih in an interview to Bloomberg said that the bank sees huge potential for its private banking business in China, encouraged by government measures to open up the financial industry.

"We need to get a foothold there first. It’s really to establish our presence, establish our brand in China," Shih said.

Yang Xia head of China equities at UBS investment bank said the bank remains optimistic about the future of the country’s financial markets and will continue to work with clients at home and abroad to invest in value and provide risk management solutions if needed.

"There is a lot happening in China to deregulate it. Definitely the market of the future is China," Shih was quoted as saying by the publication.

Shih added that the wealth management business in Asia is expanding at about 7% to 8% yearly in terms of assets under management, and UBS expects to target as much as twice that rate.

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UBS wealth management has about 2,700 staff in Asia Pacific, of which about 100 are based in China. The bank now has offices in Guangzhou, Shanghai and Beijing as well as a store-front operation in the capital.