Swiss investment bank UBS Group is merging its equity and debt capital markets divisions in Asia-Pacific in a move to streamline its business in the region, the Financial Times reports.
David Chin, the bank’s regional head of investment banking, said that the merger will enable UBS to “better serve clients and enable a more flexible allocation of resources”.
The restructuring comes shortly after UBS received an 18-month suspension from sponsoring IPOs in Hong Kong by the city securities regulator, alongside a $15 million fine. The Hong Kong Securities and Futures Commission reported to have found deficiencies in UBS work as a sponsor, particularly in due diligence, between 2013 and 2017.