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UBS rekindles China expansion plans with ICBC partnership

Swiss banking group UBS has signed a memorandum of understanding with Industrial and Commercial Bank of China (ICBC) to explore collaborative opportunities in China and global markets, focusing on asset and wealth management, and investment and corporate banking. Despite UBS’s interest in expanding its Chinese footprint, uncertainties and perceived risks in China’s business environment had previously led UBS to shelve expansion plans and make significant job cuts in the region. This agreement marks a renewed interest, incorporating avenues like product development, global market trading, investment financing, research, and asset custody, amidst existing apprehensions about Western business dealings in China due to geopolitical tensions and economic recovery headwinds.


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