UBS is merging its corporate client solutions (CCS) team in China with the teams in Hong Kong and Taiwan, according to an internal memo seen by The Asset. In announcing on 24 May the creation of the Greater China business, UBS notes that with the ongoing integration of the Hong Kong capital market with China, both on the issuance and the investor side, the market continues to grow rapidly. The initiative is designed to capture these growth opportunities.

UBS, with a presence in China since 1989, recently submitted plans to increase its stake in its Chinese securities joint venture UBS Securities to 51%, the first such move by an international bank since the relaxation of foreign ownership limits. To increase coordination with the China-based UBS Securities team, UBS announced the appointment of Xuewen Bi and John Lee as joint heads of the newly created Greater China business.

Bi joined UBS Securities as head of debt capital markets in 2010, becoming co-head of CCS in 2014 and sole head of the unit in 2017. He will continue to be based in Beijing as head of CCS of UBS Securities with the focus on strengthening the team. Lee joined UBS at the start of 2017 as vice-chairman for Asia. He will be based in Hong Kong with a focus on clients and business activities outside of domestic China. Both Bi and Lee will work closely with Catherine Cai, executive vice-chairman of the investment bank and chairman of Greater China, and with David Chin, head of CCS for Asia Pacific.

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