As previously reported by finews.asia, the long-held talks with now-former CS China chief executive, Janice Hu, are over. In other words, she will become the China vice chair of UBS’s securities venture.

Hu, who has over 20 years of experience at Credit Suisse, will start her new position on Thursday, as reported by «Bloomberg News»

Eyes on China

The move comes in the midst of UBS’s efforts to sell CS’s securities venture in China. At the end of June, the combined bank announced that it was selling its 36 percent stake to Beijing State-owned Assets Management Co., Ltd (BSAM). However, under Chinese regulations, a foreign shareholder cannot simultaneously hold majority stakes in two domestic brokerages.

With Hu’s appointment, UBS aims to strengthen its market presence in China’s highly competitive financial sector.