Viewing posts categorised under: Bank

UBS Enters China’s Financial Futures Market

by swisscham in Bank, Finance, Insurance

UBS Securities has agreed to buy a controlling stake in Shanghai Pumin Futures Brokerage in a move that will give the Swiss bank access to ChinaÕs burgeoning financial futures market. The UBS affiliate said it had regulatory approval to acquire a 95.42% stake in the firm and to invest RMB 90 million (USD 14.8 million) in the Chinese futures broker, underlining its commitment to the business. ÒWe hope to make available a financial futures brokerage service to our clients in the future and this complements our current offerings, including domestic equity advisory, QFII and RQFII brokerage, electronic trading strategy & execution and OTC derivative,Ó said Xia Yang, head of equities of UBS Securities. Shanghai Pumin will continue to operate under its own name, a source familiar with the situation said.

Read more

Zurich Insurance Profit Increases 9% After New China Life Sale

by swisscham in Bank, Finance, Insurance

Zurich Insurance Group AG, the biggest Swiss insurer, said fourth-quarter profit rose 9% following a gain of about USD 543 million from selling its entire stake in New China Life Insurance Co. to Swiss Re Ltd. Net income increased to USD 1.07 billion from USD 988 million a year earlier, the Zurich-based company said today. That missed the USD 1.26 billion estimate of 14 analysts surveyed by Bloomberg. After lowering its profit goal in December, the company signaled it was ready to sell some businesses to bolster earnings growth. The insurer will keep its dividend unchanged at a 12-year high of CHF 17.00 (USD 18.94) a share, after increasing the payout to that level for 2010.

Read more

Shanghai Mayor Meets UBS CEO Sergio P. Ermotti

by swisscham in Bank, Finance, Insurance

Shanghai Mayor Yang Xiong yesterday met Sergio P. Ermotti, chief executive officer of UBS AG, a Swiss banking group based in Zurich. Yang thanked the UBS for its contribution to Shanghai’s transformation into an international financial center and said the city is also working hard to develop the China (Shanghai) Pilot Free Trade Zone. He added that financial reform is a key to the development of the free trade zone and to investment promotion. The Shanghai government is keen to hear advices from the world’s leading companies. Yang hoped the Swiss banking group can expand cooperation with local companies using its expertise in finance, securities and investment and grow with Shanghai’s rise as an international financial center. Ermotti introduced the group’s businesses in China and in Shanghai. He also thanked Shanghai for giving support to the UBS.

Read more

ABC Life Insurance Launches New Cancer Policy

by swisscham in Bank, Finance, Insurance

ABC Life Insurance, together with Swiss Re and Roche, launched a policy on Friday for people diagnosed with cancer. According to the National Health and Family Planning Commission, 2.7 million of Chinese people died of cancer in 2012 and six people are diagnosed with cancer each minute. The number of lung cancer cases has tripled in the past decade and is now the leading cancer in terms of fatalities.

Read more

In Excess of 1,700 Delegates to Attend the 14th UBS Greater China Conference in Shanghai

by swisscham in Bank, Finance, Insurance

Close to 1,000 domestic and international investors are included among the 1,700 delegates to have registered to attend the five-day conference in Shanghai which, this year, has the theme of “New reforms, new era, new opportunities”. Timothy GEITHNER, 75th US Secretary of The Treasury, and LI Yang, Vice President of the Chinese Academy of Social Sciences, are keynote speakers at the conference which takes place between 13 and 17 January 2014. UBS Group CEO, Sergio ERMOTTI, will deliver the opening address with international NBA star and the founder of The Yao Ming Foundation, Yao Ming, a special guest at the event. “The theme this year focuses on the delicate balance China must make between policy reform and economic growth. The conference is particularly timely given its proximity to the recent 3rd plenum of the Party Congress,” noted Chi Won YOON, CEO of UBS for Asia Pacific.

Read more

School Opening for MBA 2013 Swiss Study Group of NBS

by swisscham in Bank, Finance, Insurance

On December 8, nearly 40 teachers and students arrived at the campus of New Huadu Business School (Switzerland). The students will begin their half a month’s study in the school located in a famous old castle in Zurich, Switzerland. Assistant Dean Lin Hua briefly introduced the unique history of Switzerland and personally visited the Swiss National Museum with the students. The students got to know the historical origin and the future development of Switzerland, realized the unique features of Switzerland as the heart of Europe, as well as the profound meaning of NBS authority in running a branch school in Switzerland. The school leaders specifically invited the former mayor of Zurich, President of SCFO Dr. Thomas Wagner to the dinner party. Dr. Wagner made a 10 minutes’ impromptu speech for students. He said that students can absorb experience from Switzerland and grasp some business opportunities based on the actual situations in China. He said that the water treatment, environmental protection in Switzerland will have a bright future if introduced in China. He also talked about his profound friendship with the Chinese people. His impromptu speech won rounds and rounds of applause from the students.

Read more

UBS: No Credit Tightening Yet in China

by swisscham in Bank, Finance, Insurance

China’s whole year new RMB lending is likely to reach RMB 9 trillion (USD 1.5 trillion), while total social financing (TSF) may exceed RMB 17 trillion, UBS said in a note on December 11. “No credit tightening yet,” wrote Wang Tao, chief China economist at UBS. China’s new RMB lending and total social financing in November both beat market expectations. New TSF stood at 1.23 trillion, 370 billion more than in October. UBS expected outstanding TSF to grow 18.5% in 2013. “November’s strong credit number suggests that the higher interest rates and bond yields of recent months have yet to constrain credit demand much, as feared by the market,” UBS said. “A large segment of the market is still not very sensitive to higher rates”. The bank said the Chinese government would likely follow a relatively prudent monetary and credit policy stance, and expect TSF growth to slow to about 16% in 2014. “Given the ongoing interest rate liberalization and financial deregulation processes, credit growth could again exceed the government’s desired pace in 2014,” UBS said.

Read more

Swiss Re Invests USD 493 Million for a 4.9% Stake in New China Life

by swisscham in Bank, Finance, Insurance

Swiss Re announces that it has entered into a transaction with Zurich Insurance Company Ltd to acquire a 4.9% stake in New China Life Insurance Company Ltd, reaffirming Swiss Re’s commitment to high growth markets. New China Life is a Chinese company which provides life and health insurance products. Headquartered in Beijing, New China Life is the third largest life insurer in China based on gross premium. Swiss Re is acquiring directly from Zurich Insurance Company 152.9 million New China Life H shares (which are listed on the Stock Exchange of Hong Kong), representing 4.9 % of the total issued share capital of New China Life (which includes both H shares listed in Hong Kong and A shares listed in Shanghai). The total consideration of the transaction is HKD 3,821 million (USD 493 million). John R. Dacey, Swiss Re’s Group Chief Strategy Officer, says: “China is the fifth largest life insurance market in the world, but its penetration is still relatively low. Investing in New China Life enables us to tap into this growth potential. It also reaffirms Swiss Re’s commitment to the high growth markets and its strategy of making investments in leading insurance franchises.” The transaction is expected to complete on 25 November 2013.

Read more

Challenges and Opportunities of Urbanisation in Emerging Markets for Insurers

by swisscham in Bank, Finance, Insurance

The world’s urban population is forecast to grow by about 1.4 billion to 5 billion between 2011 and 2030, with 90% of the increase coming in the emerging markets. Swiss Re’s latest sigma study Urbanisation in emerging markets: boon and bane for insurers reviews the rapid growth of towns and cities in emerging markets. It also addresses the opportunities and challenges that urbanisation presents with respect to risk management for insurers and governments alike. Asia and Africa will see the biggest rise in urbanisation rates in the coming decades, as well as in urban populations. “It’s estimated that China will account for 20%, that’s 276 million people, and India for 16% or 218 million people, of the increase in the global urban population between 2011 and 2030,” says Amit Kalra, co-author of the sigma report. A prominent feature of the urbanisation will be rapid growth of small and mid-sized cities alongside ongoing development of urban clusters. The number of ‘megacities’ – those with more than 10 million inhabitants – in the world will rise to 37 from 23 in the same period. Nineteen of these will be in emerging markets, with 13 in China and India combined.

Read more

UBS Support for High Culture in Beijing Music Festival

by swisscham in Bank, Finance, Insurance

Waves of thunderous applause split the solemn air that usually prevails at Wangfujing Catholic Church on October 11 when world-renowned US trumpeter Chris Botti made his Beijing debut. The four-time Billboard chart-topping trumpet player recently won a Grammy for his 2012 album Impressions. His music presents “the softer side of luminosity, the realm of sunsets and half-moons”, said a review in the New York Times. As one of the major music event sponsors, United Bank of Switzerland (UBS) has worked with the Beijing Music Festival for 10 years, and sponsored the Chris Botti concert at the Wangfujing church. “UBS is a practitioner of the development of the Chinese financial market, and an active promoter of the development of the Chinese art and culture market. A 10-year working relationship with the Beijing Music Festival exactly reflects the sense of value the group just has as it has shown through its 150 history, a pursuit for brilliance while promoting local economic prosperity and cultural development,” said David Li, chairman of UBS AG.

Read more

Your Swiss Business Platform in China

SwissCham China has roughly 600 company members. Our Chamber maintains a strong relationship with the Embassy of Switzerland, Swiss Global Enterprise, Swissnex and Switzerland Tourism. As the representative of the Swiss companies established in China, our goal is to help you to increase your business and visibility, especially amongst the Sino-Swiss business community.

Become A Member

Sign Up For Our Newsletter

  • This field is for validation purposes and should be left unchanged.
September 10, 2021
Published By enics.com in Engineering / Manufacturing
September 3, 2021
Published By baselarea.swiss in Business
September 2, 2021
Published By moodiedavittreport.com in Hospitality / Tourism / Retail
August 31, 2021
Published By swisstrade.com in Business
August 25, 2021
Published By bignewsnetwork.com in Business