"TAIPEI, April 14 (Reuters) - UBS (UBS.N: Quote, Profile, Research) (UBSN.VX: Quote, Profile, Research), the world's biggest wealth manager, said on Monday it had set up two more branches in Taiwan to bring its total on the island to three, as part of its broader drive to tap solid growth in Asia.
The Swiss bank opened two branches in central and southern Taiwan, bringing its total to 18 in six Asian countries, including China, Japan and Australia. In 2004, UBS had just three branches in Asia.
"Taiwan will remain a very important market for wealth management," Rory Tapner, chairman and chief executive for UBS, Asia Pacific, told reporters at an event to mark the openings.
"We have 380 staff in Taiwan. I'm telling you we don't have that kind of scale anywhere else."
Taiwan is Asia's No. 3 wealth management market behind Japan and China, attracting the likes of Citigroup (C.N: Quote, Profile, Research), HSBC (0005.HK: Quote, Profile, Research) (HSBA.L: Quote, Profile, Research), Standard Chartered (STAN.L: Quote, Profile, Research), AIG (AIG.N: Quote, Profile, Research) and other global players to boost their presence here.
UBS said last year that it aimed to double the size of its Taiwan private banking assets by 2009 as part of its planned expansion in the booming Asian market. [ID:nTP34765]
The main driver for Taiwan's growth would come from individuals who get their wealth from companies operating in China.
"Ninety percent of our potential clients are entrepreneurs," said Kathryn Shih, head of UBS Wealth Management, Asia Pacific.
UBS posted double-digit growth in revenues in the past two years in its Taiwan operations, whose core businesses are wealth management, asset management and investment banking, Tapner said. (US$1=T$30.33) (Reporting by Faith Hung; Editing by Anne Marie Roantree) (Reuters Messaging: [email protected]; +886 2 2508-0815))"
Mina N. Sirkin is a Board Certified Specialist attorney in Estate Planning, Probate and Trust Law by the Board of Legal Specialization of the State Bar of California. Ms. Sirkin practices in Los Angeles County, California. [email protected] . http://www.SirkinLaw.com.
