UBS and China's ICBC to Explore Possible Banking Collaborations

By Pierre Bertrand

UBS Group on Tuesday said that it has entered into a memorandum of understanding with the Industrial and Commercial Bank of China to explore possible strategic collaborations in China and abroad.

The two banks will assess collaborating across asset management, wealth management, investment and corporate banking, in China itself and in cross-border and overseas markets, UBS said in a statement.

UBS said the memorandum has a "comprehensive and diversified scope" and includes product development and distribution, client coverage, global markets trading, investment and financing, research and asset custody.

Credit Suisse, which UBS is working on consolidating since it acquired it in June, has a 20% stake in ICBC Credit Suisse Asset Management Company Limited, UBS added.

The asset management company was jointly established by the Industrial and Commercial Bank of China and by Credit Suisse in June 2005, according to the ICBC's website.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

September 26, 2023 06:42 ET (10:42 GMT)

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