UBS China to Open Shanghai Branch This Year Amid Market Turmoil

UBS Group AG is set to expand in mainland China, shrugging off the country’s stock market implosion as it pursues plans to open a branch for the wealthy in Shanghai this year.

The Swiss bank sees huge potential for its private banking business in China, encouraged by government measures to open up the financial industry, said Kathryn Shih, the company’s head of wealth management in the Asia-Pacific region. Building a strong franchise in China is a priority as the world’s largest money manager to the rich endeavors to raise its profile.