Zurich-based UBS is looking to expand in Asia across businesses and markets with a «renewed focus on Southeast Asia».

UBS is seeking expansion across investment banking, wealth management and asset management across Asia Pacific including from ASEAN markets, according to China country manager Eugene Qian.

«We have a huge opportunity to expand […] not only in China but across the whole Asia Pacific region, with a renewed focus on Southeast Asia,» Qian said in a speech during the 24th UBS Greater China Conference (GCC) held Monday.

Leader in Certain Markets

The conference is a two-day event based in Shanghai which will be attended by over 3,000 participants and over 50 expert speakers, including ex-US Treasury Secretary Larry Summers.

Following the government-brokered takeover of Credit Suisse, UBS has significantly grown its market share in Southeast Asia. According to chairman Colm Kelleher in June last year, the bank became the leader in certain markets after the takeover, including South APAC.

China Ambitions

«Looking at UBS’s own growth, with the acquisition of Credit Suisse, we’ve created a regional powerhouse – with leading investment bank and asset management operations and a flagship wealth management business that is more than double the size of our nearest competitor,» Qian explained.

Within China, the bank also spoke about its optimism on onshore expansion, including a memorandum of understanding signed with ICBC last year to explore strategic collaborations across asset management, wealth management and corporate banking. 

Unique Position

«UBS’s global strength, together with ICBC’s leading position in China and Asia, will put us in a unique position to offer international investors access to China as well as to support Chinese companies and investors wishing to go global,» Qian added.

Credit Suisse reportedly dismissed its full onshore wealth team last year as UBS decided not to onboard staff. UBS also currently controls a securities business in China and it needs to sell Credit Suisse’s securities business due to regulations that don’t allow a single entity to hold two of the same licenses.