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Exclusive | UBS hires former China banking regulator Alan Wang to take charge of integrating mainland businesses
- Wang was formerly a senior official at the China Banking and Insurance Regulatory Commission
- Move follows recent additions of Yang Fan and Patricia Yeh in UBS global banking team
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UBS has hired Alan Wang, a former senior official at China’s banking watchdog, to oversee the integration of its China businesses in yet another senior addition to its management teams in the region.
Wang joined the Swiss bank as a managing director in charge of coordinating strategy for its various mainland units in a compliant fashion, according to an internal memo of the bank.
He came from the China Banking and Insurance Regulatory Commission (CBIRC) and had earlier served at the People’s Bank of China (PBOC). He has led teams overseeing foreign bank supervision, risk management and international affairs on the mainland.
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The world's largest wealth manager will draw upon Wang’s experience as it seeks to navigate and grow its businesses onshore, in line with a rapidly changing regulatory landscape, according to the memo seen by the Post.
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The Zurich-based bank has businesses ranging from securities to wealth management and asset management. In November 2018, it became the first foreign bank to win approval from authorities to take control of its China securities joint venture.
The bank also has wholly-owned onshore units in wealth management, asset management, and futures businesses. It has a joint venture fund management unit called UBS SDIC Fund Management.
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