Swiss banking giant UBS Group has appointed Janice Hu, former China chief of Credit Suisse, as vice-chair of its mainland Chinese securities venture. Hu's new role marks the creation of the first vice-chair position at UBS Securities, the Beijing-based investment bank and brokerage unit primarily owned by UBS.
Hu, a Credit Suisse veteran with over 20 years of experience, began her new role, according to a UBS statement. During her tenure at Credit Suisse, she led numerous landmark transactions and managed the bank’s growth strategy and business operations.
This appointment comes as UBS proceeds with the sale of Credit Suisse’s China securities venture, following its acquisition of the Swiss rival. Last month, UBS agreed to sell a majority stake in the loss-making Credit Suisse Securities (China) to state-backed Beijing State-owned Assets Management Co. Ken Griffin’s Citadel Securities was also interested in acquiring the stake, but the state-backed fund ultimately prevailed.
Under the deal, UBS will sell a 36.01 percent holding in Credit Suisse Securities (China), valued at $253.4 million, for $91.4 million. Joint venture partner Founder Securities will sell its entire 49 percent stake for $124 million. This transaction will give Beijing State-owned Assets Management an 85.01 percent majority stake, while UBS will retain 15 percent.
Over the past year, Hu played a crucial role in consolidating and integrating Credit Suisse’s Chinese business into UBS, collaborating with UBS’s securities management team. Her appointment as vice-chair has been in discussion since UBS's takeover of Credit Suisse.
Hu is the granddaughter of former Chinese Communist Party Secretary General Hu Yaobang. Her extensive experience at Credit Suisse saw her rise from investment banking director to vice chair and chief executive officer, eventually serving as chairwoman of Credit Suisse Securities (China).
As UBS continues to reshape its operations in China, Hu's appointment is expected to bolster the bank's strategic position in the region and drive future growth.