Key Points
HONG KONG, Sept 26 (Reuters) - Swiss banking group UBS (UBSG.S) said on Tuesday it had signed a memorandum of understanding with the world's largest lender by assets, Industrial and Commercial Bank of China (ICBC) (601398.SS), , to explore collaborations in China and overseas markets...
UBS has long been keen to grow its footprint in China that already includes a mutual fund joint venture and a private fund business, but earlier this year it appeared to scale back expansion plans due to headwinds to China's economic recovery and geopolitical tensions...
UBS completed an acquisition of its smaller cross-town rival Credit Suisse in June, through which it now holds a 20% stake in ICBC Credit Suisse Asset Management Company, a fund joint venture previously partially owned by Credit Suisse...
UBS has also made significant job cuts in the region, letting go of the majority of Hong Kong-based investment banking staff and the securities research unit at Credit Suisse...
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