UBS will look to integrate its China business units in a rapidly changing regulatory environment under the leadership of an ex-official from the mainland banking regulator.
Alan Wang (or Wang Wei), a former senior official with the China Banking and Insurance Regulatory Commission, joins the bank as a managing director and China integration lead, according to a report citing an internal memo.
The bank will look to leverage Wang’s experience to integrate its various mainland business units in accordance to the local regulatory environment. In the Hong Kong-based role, Wang will work closely with UBS’s China country head David Chin and report to APAC president Edmund Koh.
I am confident that his expertise in regulation and knowledge of the onshore market and network will be a great asset to foster long-term strategic development in the region, Koh added.
UBS’s ambitions in mainland China are no secret with a nearly comprehensive set of businesses including wholly-owned units in wealth management, asset management, futures alongside a fund management joint venture called UBS SDIC Fund Management.
Ownership aside, the bank has also been rapidly expanding these business units and had reportedly hit its hiring target ahead of time to double headcount from 600 in 2016 to 1,200.