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Other major banks had recently reacted to the incidents in China.
(Photo: AFP)
Hong KongShe was not under arrest, but she was not allowed to leave the country: what a banker from Swiss bank UBS in China did backtracking last week, evoking a thriller about Hollywood agents.
The client advisor had traveled to Singapore from Singapore. There, the authorities prevented her from leaving the country. She had been ordered to stay in China to be questioned by public officials, reports the portal of the Swiss Finews sector. As a result, the banker has been accused of violating regulations explicitly prohibiting the marketing and sale of offshore products.
In response to the incident, UBS invited some of its employees to reconsider their trips to China. Apparently, other institutes have also moved in. According to the Reuters news agency, there would be US banks Citigroup and JP Morgan, British Standard Chartered and French BNP Paribas. Institutes do not want to comment on this.
We do not talk about warning at UBS. "UBS wishes to confirm that it allows its employees to enter or leave the country freely," the bank said Tuesday in a statement. We are talking about "business as usual". The fate of the banker concerned, UBS, made no statement.
In the financial sector, the fixing of banks caused a stir. Was it understood as a possible warning shot of the authorities against foreign institutions? China is considered the most important growth market for badet managers. In doing so, many institutions have resorted to cross-border transactions in which Hong Kong or Singapore bankers go to mainland China to advise their clients. Many wealthy Chinese use the services of the institutes to create part of their badets abroad.
But it is a thorn in the feet of the authorities: Beijing wants to prevent too many foreign currencies from escaping. In addition, a significant portion of the funds should not be taxed. Nevertheless, the practice has been tolerated for years.
The news of the banker's appointment caused a sensation. Rumors spread quickly that the Chinese authorities wanted to set the example with the banker's determination – and aimed at the largest foreign bank.
For foreign banks in China, the stakes are high. Because the economic boom of the People's Republic gave a part of the population an enormous wealth and thus made it an attractive clientele.
According to the Swiss bank Credit Suisse, the wealth of the Chinese has quadrupled to reach $ 51.9 trillion in this century alone. Credit Suisse has about 3.5 million millionaires in China. And only in the United States, there are even more super-rich people.
Until now, UBS is the market leader in badet management in China and, unlike its competitors, is highly distinguished by its on-site activity. UBS has recently significantly developed this onshore business.
The director of the bank, Sergio Ermotti, wants to double the number of employees here five years. The bank currently employs around 1,000 people in China. On Tuesday, however, the bank stressed its ongoing commitment to its Chinese ambitions. The bank has a strong brand for 30 years and remains committed there.
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