UBS says bankers can go to China, withdraws warning

Dienstag, 23. Oktober 2018 07:50

UBS Group AG allowed its staff to travel "freely in and out of" the most populous nation, saying it is "business as usual." The announcement published on Tuesday comes after last week it reportedly prevented a number of its private banking advisors from going to China. The move was apparently prompted by an order by authorities there to one of the lender's employees not to return to Singapore in order to be questioned about an issue that wasn't disclosed.

The media has highlighted the Swiss financial organization's activities in wealth management, noting it is one among a small number of peers practicing the operations in the mainland. The government in Beijing has been stepping up measures against tax evasion, and until this year it has faced substantial capital flight. The Financial Times said UBS's warning was initially followed by similar moves in other banks, including Citi.

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