UBS warns staff in China after Beijing banker: source

HONG KONG (Reuters) – Swiss Bank UBS Group AG. (UBSG.S) asked his Chinese wealth management staff to reconsider his plans to travel to the country after local authorities asked one of his bankers to delay his departure from Beijing to meet local officials, said a person familiar with the file.

The Singapore-based banker, who works in the relationship management team of UBS's wealth management division, still has her passport, but was invited to stay in China and meet local authorities the week before. next, said the person. The identity and position of the banker were not known.

The purpose of the meeting with the authorities is not clear, but the bank has asked other members of its wealth management team in China to carefully consider their travel plans .

No other unit in the bank, including the back office or asset management teams, has been invited to review existing travel plans. A spokeswoman for UBS declined to comment

According to Asian Private Banker magazine, the Swiss bank is the largest wealth manager in Asia, with $ 383 billion in assets under management, ahead of Citigroup. , Swiss credit , HSBC (HSBA.L) and Julius Baer Bakers.

The meeting also comes as UBS strengthens its presence in China. Last week, it moved closer to becoming the first bank to hold a majority stake in its Chinese joint venture, in accordance with the new rules to open the sector, when two of its current partners put their shares up for sale.

Any agreement on the issues will require the approval of the Chinese authorities, which have not yet given the green light to the 51% stake.