HONG KONG, Oct 25 (Reuters) - UBS Group AG has named Eugene Qian as the chairman of UBS Securities, the Swiss bank’s brokerage and advisory joint venture in China, according to an internal memo seen by Reuters on Friday.
Qian will replace Di He, who is leaving the bank after more than two decades, the memo showed. Qian rejoined UBS in 2015, first as group country head for China and a member of its Asia Pacific executive committee.
In addition to the chairman role, Qian, who was president of UBS Securities from the end of 2017, will continue representing China at the bank’s Asia Pacific executive committee and country head committee, the memo said.
“China remains a key market for UBS. We are determined to strengthen our leadership position in the investment bank and further build our wealth and asset management businesses there,” David Chin, UBS head of Asia Pacific corporate client solutions, said in the memo.
Last year, UBS became the first foreign bank to get Chinese regulatory approval to take control of its securities business by raising its holding to 51%. The venture’s operations include debt and equity underwriting and financial advisory.
A UBS spokesman in Hong Kong confirmed the content of the memo. (Reporting by Scott Murdoch; Editing by Christopher Cushing)