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UBS offers a vote of confidence in China's equity market

UBS offers a vote of confidence in China's equity market
Issue Time:2016-01-12

Swiss bank UBS AG said on Monday that it plans to double its earnings in the equities businessin China in the next five years.

Fang Dongminghead of China equities at UBS AGsaid that the bank will seek to diversify itsequities business from the traditional commission earnings under the Qualified ForeignInstitutional Investors program to new businessincluding margin tradingshort sellingderivativetrading business and cross-boarder financing and investment business.

"Doubling our earnings in the next five years means that we need to achieve at least double-digitgrowth each year," Fang said at a news conference on the sideline of the Swiss bank's annualChina conference in Shanghai.

Chief Executive Officer Sergio Ermotti of UBS Group AGoffering a vote of confidence in Chinaafter the A-share market suffered a volatile start to the yearsaid in an opening speech that theGroup will double its staff in China over five years and add about 600 people.

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