UBS Group AG is in talks with China Life Insurance Group to launch an asset management joint venture in China, two sources said, as part of the Swiss bank's plan to bolster its presence in the world's second-largest economy.
The logo of Swiss bank UBS is seen at its headquarters in Zurich, Switzerland February 17, 2021. REUTERS/Arnd Wiegmann//File Photois in talks with China Life Insurance Group to launch an asset management joint venture in China, two sources said, as part of the Swiss bank's plan to bolster its presence in the world's second-largest economy.
China has been stepping up efforts to open up its financial sector, worth trillions of dollars to help lure in more foreign investment and shore up the economy, amid rifts with the United States. "UBS has been keen to take an absolute-controlling status in a China unit, but its competitors are quick to snap up the best local partners," said the first source.A total of 31 insurance asset management companies in China ran 18.7 trillion yuan in assets by September, data from the regulator, CBIRC, shows.
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