HONG KONG, May 24 (Reuters) - Swiss bank UBS Group has appointed leaders for its Greater China business which is being formed by merging its China-focused investment banking teams, according to an internal memo seen by Reuters on Thursday.
David Chin, the bank's head of client coverage solutions for Asia Pacific, told employees in the memo the bank is combining its Hong Kong-based China client coverage solutions team with the Hong Kong and Taiwan team into a new Greater China Business.
Xuewen Bi, head of client coverage solutions at UBS Securities, the bank's China joint venture, and John Lee, the bank's vice chairman of Asia, have been appointed the joint heads of the Greater China business, Chin said.
A spokesman for the bank confirmed the contents of the memo.
The move comes as UBS plans to increase its stake in UBS Securities to 51 percent, after China announced new rules earlier this year easing restrictions on foreign ownership of brokerages. (Reporting by Kane Wu; Editing by Muralikumar Anantharaman)