UBS: The Swiss Bank in China
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Code : COM0076
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Region : China Switzerland
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China's Financial Reforms During the second half of 2003 and 2004, China was looking at an expected GDP growth rate of 8.5%, growth of industrial output of 16% and healthy growth rates in consumer goods, automobiles and real estate markets. But in stark contrast to the general booming scenario, its banking sector was in dire straits. The entire banking sector was facing huge bad loan problems and was not in a state to meet the financial needs of the large number of small and medium-sized companies, on which China's future growth depended... UBS in China UBSAG was formed in July 1998, as a result ofmerger between UnionBank of Switzerland (Zurich) and Swiss Bank Corporation (Basel). UBS had been involved in the areas of wealth management, investment banking, asset management and retail and commercial banking. For the financial year ended on December 31st 2003, UBS had total income of $25.216 billion, net profit of $4.656 billion and total assets of $1.25 trillion. It had its offices in 50 countries and employed more than 65,000 people... Future of UBS in China In February 2004, the Chinese government came out with a document entitled "Some Opinions on Promoting the Reform, Opening and Steady Growth of the Capital Market", where it had detailed the strategies to be adopted in the future for reforming its capital markets. The government would establish a multi-layered capital market system, which would include amain board market, a second board market for venture capital and markets for corporate bonds and futures... |
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