UBS Names Securities Venture Chief as New China Head (Caixin)
2022-04-29
UBS Group AG named Eugene Qian, chairman of the Swiss bank’s China securities venture, to head its China operations, succeeding David Chin, who will continue with the company. The appointment will take effect July 1, UBS said Thursday. Qian briefly served as UBS’s China chief in 2015 when he rejoined the bank. He worked for the investment banking department of the bank’s Asia-Pacific region between 1997 and 2003 before departing for several senior positions with Deutsche Bank and Citigroup Inc. Qian was named general manager of UBS Securities Co. Ltd. in 2017 and then took on the role of chairman in 2019. In November 2018, UBS won regulatory approval to increase its holding in the securities joint venture to 51%, making it the first foreign financial institution to take control of a China brokerage venture following China’s easing of controls on foreign ownership in the financial sector. In March 2022, UBS further boosted its stake to 67%. In a 2021 interview with Caixin, Qian said UBS is “open” to the option of seeking full ownership of UBS Securities. Qian has rich experience in the industry and maintains good communication with regulators. He will continue promoting the bank’s China business and pushing forward integration of the bank’s mainland resources, UBS said in a statement. Over the past two years, Qian worked closely with Chin on executing UBS's China strategy, the bank said. “China is an important market for UBS, and seizing the opportunities in the Chinese market is of great strategic significance to UBS's business growth in the Asia-Pacific region,” the bank said. After taking the top China post, Qian will report to UBS Asia-Pacific President Edmund Koh, who oversees wealth management business, a person close to the matter said. Previously, Chin reported directly to Rob Karofsky, president of the investment bank at UBS. “The change could mean a strategic shift,” the person said. Chin, who was named the bank’s China country head in January 2020, will remain at UBS as head of the Asia-Pacific investment bank. During his tenure as China chief, Chin oversaw UBS boosting its stake in its China securities venture and a revenue surge from the Chinese market. China revenue for UBS more than doubled to almost $1 billion in 2021 from 2019, becoming the third-biggest contributor in Asia-Pacific. "Under Chin’s leadership, UBS's China business has been strategically integrated and achieved record performance last year,” the bank said, lauding Chin for “pushing the China business to a new height.”

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Embassy of Switzerland