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The banker, who is based in Singapore and works in the
relationship management team in UBS's wealth management unit,
still has her passport, but was asked to remain in China and
meet with local authority officials next week, the person said.
The identity and position of the banker were not known.
The purpose of the meeting with authorities is not clear, but
the bank has asked others in its China wealth management team to
review their travel plans carefully.
No other units in the bank, including back office or asset
management teams, have been asked to re-consider existing travel
plans. A UBS spokeswoman declined to comment
The Swiss bank is the largest wealth manager operating in Asia,
with $383 billion of assets under management, according to Asian
Private Banker magazine, ahead of Citigroup <C. n>, Credit
Suisse <CSG N.S>, HSBC <HSBA.L> and Julius Baer <Bakers>.
The meeting also comes as UBS has been building up its presence
in China. Last week it moved a step closer to becoming the first
bank to take majority ownership of its China joint venture under
new rules designed to open up the sector, when two of its
current partners put their stakes up for sale.
Any deal on the stakes will need the approval of Chinese
authorities, who are yet to give the green light for the 51
percent shareholding.
(Reporting by Jennifer Hughes in HONG KONG and Tony Munroe in
BEIJING; Editing by Sam Holmes)
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