May 07, 2019 (Euclid Infotech Ltd via COMTEX) -- UBS Group AG is beefing up the ranks of senior executives at its securities joint venture in China after taking majority control late last year, hiring five managing directors for the investment banking business, said a person with knowledge of the matter.
Shen Dehua, most recently investment banking head of HSBC Holdings plc's Qianhai securities venture, joined UBS Securities Co as vice-chairman for Asia, people with knowledge of the matter said, asking not to be named has the appointment hasn't been announced. The UBS joint venture also hired Eric Zhang from a private equity arm of China Merchants Bank Co to run its Shanghai office, according to the people.
UBS and some of its biggest competitors are ramping up expansion in China after regulators allowed them to take 51 per cent stakes in local securities ventures. Majority control gives international firms more influence over strategy, just as officials add new trading venues and loosen a range of regulatory restrictions in a bid to foster a more market-based system.
A UBS spokesman in Hong Kong declined to comment.