UBS and ICBC are in talks over collaboration on banking, wealth and asset management.
The Industrial and Commercial Bank of China (ICBC) and UBS signed a memorandum of understanding to discuss collaboration in Chinese and overseas markets, according to a «Reuters» report Tuesday.
The two firms are exploring product development and distribution, client coverage, global market trading, investment and financing, research, and asset custody, along with the exchange of knowledge.
A Valuable Brand
For the seventh consecutive year, the state-owned Industrial and Commercial Bank of China (ICBC) is the world's leading banking brand with a value of $69.5 billion. That's more than three times the combined brand values of UBS at $9.8 billion, Credit Suisse's $5.6 billion, and the Julius Baer brand valued at $1.7 billion, according to a report earlier this year in «The Banker».
When UBS formally acquired Credit Suisse in June, it inherited a 20 percent stake in ICBC Credit Suisse Asset Management Company, which was a joint venture owned in part by Credit Suisse.
