Switzerland’s biggest bank was the first to be granted the right to buy a majority in its local business at the end of 2018. In March, U.S. giant J.P. Morgan also received its license and has now poached a banker from UBS to help it boost its business, according to a report by «Reuters».

At UBS, David Xu was first in charge of the equities business in China. Two years ago, the bank named him senior relationship manager.

At J.P. Morgan, Xu will take charge of the equities business, «Reuters» said, citing from an internal memo. He will stay in Shanghai.