TAIPEI (Taiwan News) – Swiss multinational investment bank and financial services company, UBS has canceled a staff warning against travel to China following the detention of one of its bankers in the country.
The Financial Times quoted the bank's announcement on Tuesday, saying "UBS would like to confirm that we allow all our staff to travel freely in and out of the country, and it is business as usual for us in China. UBS has had a strong franchise in China for 30 years and remains fully committed to further developing our business on the mainland."
According to Reuters, an undisclosed Singapore-based UBS banker, who is a member of client relationship management in the wealth management unit, was not allowed to take off from Beijing last week and was about to be questioned by Chinese officials, with the purpose of the meeting remaining unspecified.
On Oct. 22, the bank issued an internal note to its wealth management team, advising them to delay their travels to China as the bank was working to clarify the situation, reports said.
However, the revocation of the warning comes just a day after the warning was sent.
The caution from UBS raised a concern to the global private banks in pursuing what is arguably the biggest opportunity worldwide in the wealth management business as China has a large and fast-growing group of millionaires and billionaires, Reuters reported.