HONG KONG (Reuters) -Swiss banking group UBS said on Tuesday it had signed a memorandum of understanding with the world's largest lender by assets, ...
HONG KONG -Swiss banking group UBS said on Tuesday it had signed a memorandum of understanding with the world's largest lender by assets, Industrial and Commercial Bank of China , toHONG KONG -Swiss banking group UBS said on Tuesday it had signed a memorandum of understanding with the world's largest lender by assets, Industrial and Commercial Bank of China , to explore collaborations in China and overseas markets.
The banks will explore cooperation in asset management, wealth management, and investment and corporate banking, according to a UBS statement. UBS completed an acquisition of its smaller cross-town rival Credit Suisse in June, through which it now holds a 20% stake in ICBC Credit Suisse Asset Management Company, a fund joint venture previously partially owned by Credit Suisse.
Earlier this year UBS announced it had shelved plans to set up a new fund unit in China and decided to maintain ownership in the ICBC fund joint venture.
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