It was announced on Tuesday that Swiss banking group UBS has signed a memorandum of understanding (MoU) with China’s largest lender by assets, Industrial and Commercial Bank of China (ICBC), to explore the possibility of collaborations in the Chinese and international markets.

The Swiss bank UBS has long been keen to expand its footprint in China, which already includes a mutual fund joint venture and a private fund business, but earlier this year it appeared to scale back its expansion plans due to headwinds on the Chinese economy as well as geopolitical tensions in the country.

Source: CTN News