Swiss investment bank UBS has tapped a former senior official at a Chinese banking regulator to head the strategic team for its business in China. The company announced that former China Banking and Insurance Regulatory Commission (CBIRC), Alan Wang, has been hired as the managing director of its Chinese units.
At his new position, Wang will be in charge of the further integration of the company's businesses in China as well as helping implement its strategies for its various units in the mainland. Wang does have significant experience in achieving UBS's goals. Apart from being a former CBIRC senior official, Wang had also worked as the People's Bank of China (PBOC) and led a team that oversaw foreign banking activities and international financial affairs. When he was with CBIRC, Wang was the deputy director of foreign bank supervision and was based in Shanghai.
The newly appointed managing director was given the title of "China Integration Lead." He will be reporting directly to USB Asia-Pacific president, Edmund Koh, and working side-by-side with UBS China head, David Chin. In the statement announcing the appointment, Koh stated that he was confident in Wang's expertise and knowledge and that he will be a great asset to the company and to its long-term strategic plans in the region.
Hiring the banking veteran is the latest move by the Zurich-based bank to strengthen its position in the region. Wang's appointment followed USB's hiring of former China Merchants Securities International official, Yang Fan, which is now the company's chair of its global banking business in Asia.
UBS was one of the first international financial institutions to take advantage of China's opening-up policies. In 2018, it became the first foreign bank to receive regulatory approval to take full control of its securities joint venture in China.
Apart from its securities unit, UBS also has other onshore units that offer services such as wealth management, futures businesses, and asset management. One of its largest joint ventures is its Chinese fund management joint venture called UBS SDIC Fund Management.
Its continued focus on its business in Asia had resulted in it reporting a record-breaking first-quarter performance this year. Its business in the Asia-Pacific region contributed roughly 31 percent of its overall pre-tax earnings. This was a 22 percent increase when compared to the same period last year. The company's pre-tax profits for the quarter hit around $800 million, a 154 percent surge when compared to the same period last year.
