UBS will shift the heads of its onshore China investment-banking unit from Beijing to Hong Kong, while its offshore advisory head for the country Jiang Guorong will move in the opposite direction, as the bank tries to more closely integrate its Chinese businesses.
Bloomberg News reports that Ding Xiaowen and Bi Xuewen, who oversee corporate client solutions for UBS Securities, the firm’s Chinese venture, will join the China investment-banking team in Hong Kong, according to an internal memo.
Jiang will shift to Beijing to head corporate client solutions on the mainland once he has the required license, according to the memo, which was confirmed by Rob Stewart, a spokesman.
The moves will help the bank strengthen collaboration between the offshore and onshore teams and develop bankers’ capabilities to do international deals, according to the document. Goldman Sachs integrates its China teams by assessing its Beijing-based bankers the same way as its bankers globally and paying all of them from one fee pool.
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