Viewing posts categorised under: Bank

Swiss Re Reinsures Guangdong Prefectures Against Natural Disaster Risk

by swisscham in Bank, Finance, Insurance

Swiss Re has entered into an agreement as sole reinsurer to protect seven prefectures of Guangdong province, China, in partnership with local insurers led by the People’s Insurance Company of China (PICC) in 2016. The pilot helps protect China’s most prominent economic hub against the financial impacts of natural disaster risk and the first payout was already triggered after super-typhoon Haima made landfall in the city Shanwei on 21 October 2016. The program will be rolled out in a total 10 prefectures by the end of this year. The pilot program offers insurance cover for a maximum value of USD 350 million, and is expected to be adjusted and renewed annually. It uses rainfall and tropical cyclone wind speed indices to trigger policy claims, ensuring fast payout. This is the second pilot programme to protect the balance sheets of provincial governments in China against the economic impacts of major disasters. It complements the previously announced reinsurance protection scheme in Heilongjiang province, announced on 3 August 2016 this year, which focuses primarily on poor rural communities. Swiss Re developed both programs in response to the Chinese Central Government’s imperative to build a Disaster Insurance System. The schemes could serve as a model to insure other provinces in the country.

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Swiss Re Partners with Chinese Government in Reinsurance Scheme

by swisscham in Bank, Finance, Insurance

Swiss Re announced a public-private partnership with the government of Heilongjiang Province, China and the Sunlight Agriculture Mutual Insurance Company of China for a reinsurance protection scheme. As communicated by Swiss Re, the scheme Ð which covers 28 poverty-stricken counties in Northeast China Ð is the first that the Chinese government establishes using commercial insurance programmes to protect farmers against financial risks from natural catastrophes, and it is also the first anti-poverty insurance deal in the country. The scheme provides financial compensation for harm to lives and property of farming families and covers loss of income after floods, excessive rain, drought and low temperatures for a total of up to USD 348 million. Swiss Re global partnerships Chairman Martyn Parker said: ÒThis is a real innovation and a groundbreaking success in supporting China to protect against fiscal fluctuation caused by natural disasters. It has also set up an excellent example of public private partnership in mitigating natural catastrophe risks with insurance programs.Ó

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UBS Sees Chinese Going-Global Groups as Good Investments

by swisscham in Bank, Finance, Insurance

China’s companies with going-global strategies are likely to present good investment opportunities and will be one of the major investment themes in the second half of 2016, according to Gao Ting, head of China strategy at UBS Securities. Sharing his outlook for the second half of 2016 on Wednesday, Gao said: “Generally speaking foreign investments in China and China’s investments in other countries are at a similar level, which shows that the size of China’s overseas investments is getting greater.” Differing from previous investments of Chinese enterprises that focused on resources and energies, recent programs by private enterprises mainly focus on consumption-driven sectors, such as tourism, which will meet the demands of fast-growing numbers of outbound tourists. They also now emphasize internet-based technologies with a great number of domestic users, according to research data of UBS Securities.

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Credit Suisse: China has Become a Victim of its Own Success

by swisscham in Bank, Finance, Insurance

China’s “weight-gain” is the very thing that caused its slowdown, according to a note by Credit Suisse. The bank says the country became so big as a share of the world’s industrial output that it is “no longer possible to profitably outgrow non-Chinese demand by such margins.” China’s manufacturing profit margins have been falling since 2011, and there has been a decline in real-terms in manufacturing investment.

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UBS Offers a Vote Of Confidence in China’s Equity Market

by swisscham in Bank, Finance, Insurance

Swiss bank UBS AG said on Monday that it plans to double its earnings in the equities business in China in the next five years. Fang Dongming, head of China equities at UBS AG, said that the bank will seek to diversify its equities business from the traditional commission earnings under the Qualified Foreign Institutional Investors program to new business, including margin trading, short selling, derivative trading business and cross-boarder financing and investment business.

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Expectations High for Future Swiss Renminbi Trading Hub

by swisscham in Bank, Finance, Insurance

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UBS China to Open Shanghai Branch this Year amid Market Turmoil

by swisscham in Bank, Finance, Insurance

UBS Group AG is set to expand in mainland China, shrugging off the countryÕs stock market implosion as it pursues plans to open a branch for the wealthy in Shanghai this year. The Swiss bank sees huge potential for its private banking business in China, encouraged by government measures to open up the financial industry, said Kathryn Shih, the companyÕs head of wealth management in the Asia-Pacific region. Building a strong franchise in China is a priority as the worldÕs largest money manager to the rich endeavors to raise its profile. ÒWe need to get a foothold there first,Ó she said by phone from Hong Kong. ÒItÕs really to establish our presence, establish our brand in China.Ó

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Swiss Re Cuts Dividend as Fourth-Quarter Profit Misses Estimates

by swisscham in Bank, Finance, Insurance

Swiss Re AG, the worldÕs second-biggest reinsurer, lowered its dividend payout to investors after fourth-quarter profit declined 80% on charges related to the restructuring of the U.S. business. The Zurich-based company plans to pay shareholders a dividend of CHF 4.25 (USD 4.52) a share, up from CHF 3.85 distributed for 2013, it said in a statement Thursday. On top of that, it proposed a special dividend of 3 francs, down from 4.15 francs a year ago. In addition, Swiss Re plans to buy back CHF 1 billion of its shares by the 2016 shareholder meeting. Swiss Re, led by Chief Executive Officer Michel Lies, is cutting back coverage of catastrophes like hurricanes and earthquakes amid a decline in the incidence of natural disasters that has undercut prices. In a quest for alternative sources of revenue, it is ramping up new lines of business, such as corporate insurance and coverage in Asia, to bolster earnings eroded by low interest rates. It is also expanding in markets including China, where in July it agreed to acquire Sun Alliance Insurance (China) Ltd.

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UBP Strengthens Asian Capabilities with a New Chinese Asset Management Company

by swisscham in Bank, Finance, Insurance

Union Bancaire PrivŽe, UBP SA (ÒUBPÓ) announced on 21 January it has entered into a partnership agreement with a leading asset management team to strengthen its Asian capabilities, and established a new company in Shanghai, ÒUBP Investment Management (Shanghai) LimitedÓ. Mr. Hong Chen, a leading figure in the Chinese asset management industry and most recently Chief Investment Officer (CIO) of HFT Investment Management, will be the CIO of the new company which aims to provide domestic and international investors with best-in-class Chinese equity and fixed income investment solutions. With over 15 yearsÕ experience managing Chinese equities; he has one of the strongest performance track records in the field. Nicolas Faller, CEO of UBPÕs Institutional Clients division, said: ÒWe are delighted to announce the creation of this new company, which reflects our ability to partner with the best asset managers in order to deliver high-quality investment solutions to our clients. Mr. Hong Chen has found in UBP a solid international business partner and we are convinced that, in turn, our global network of clients will benefit greatly from his in-depth expertise.Ó

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UBS Opens Beijing Huamao Sub-Branch

by swisscham in Bank, Finance, Insurance

UBS (China) Limited, UBS AG’s locally-incorporated wholly foreign-owned bank, on Wednesday opened its Beijing Huamao Sub-branch – UBS’s first ground-floor presence in Asia Pacific. UBS’s business strategy is centered on its pre-eminent global wealth management businesses backed by its position as a leading Swiss bank, complemented by its Global Asset Management business and its Investment Bank. As the world’s second-largest and Asia Pacific’s largest wealth management market, China is an important market for UBS and offers many business opportunities. “UBS sees great potential for its China wealth management business and building a strong domestic franchise remains a priority for UBS,” said Kathryn Shih, Head of UBS Wealth Management Asia Pacific.

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