UBS said to warn staff over China travel after banker held in Beijing

The logo of Swiss bank UBS at its headquarters in London on May 5, 2017.

Justin Tallis | AFP | Getty Images

The logo of Swiss bank UBS at its headquarters in London on May 5, 2017.

Swiss bank UBS Group AG has asked its China wealth management staff to reconsider their travel plans to the country after authorities there asked one of its bankers to delay her departure by Beijing to meet with local officials, a person familiar with the matter said.

The banker, who can be based in Singapore along with works inside the relationship management team in UBS’s wealth management unit, still has her passport, however was asked to remain in China along with meet with local authority officials next week, the person said. The identity along with position of the banker were not known.

The purpose of the meeting with authorities can be not clear, however the bank has asked others in its China wealth management team to review their travel plans carefully.

No some other units inside the bank, including back office or asset management teams, have been asked to re-consider existing travel plans. A UBS spokeswoman declined to comment.

The Swiss bank can be the largest wealth manager operating in Asia, with $383 billion of assets under management, according to Asian Private Banker magazine, ahead of Citigroup, Credit Suisse, HSBC along with Julius Baer.

The meeting also comes as UBS has been building up its presence in China.

Last week in which moved a step closer to becoming the first bank to take majority ownership of its China joint venture under fresh rules designed to open up the sector, when two of its current partners put their stakes up for sale.

Any deal on the stakes will need the approval of Chinese authorities, who are yet to give the green light for the 51 percent shareholding.

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