Plans for additional China desks in Europe and Africa are being finalised, Keefe said
HONG KONG: Citigroup Inc. joined other international firms in asking private bankers to reconsider trips to China, according to a person with knowledge of the matter, after a UBS Group AG wealth manager’s departure from the country was delayed.
Citigroup’s move came after UBS and Julius Baer Group Ltd. imposed similar restrictions on staff travel after the incident, other people familiar with the matter said on Friday. The banks’ representatives declined to comment.
Restricting travel to the world’s second largest economy shows that many banks are rattled by last week’s events, even as they try to push ahead with winning business in a country that creates more billionaires by the week.
The UBS wealth manager, who focuses on China, delayed her departure after being asked to meet with local officials on an unknown matter, a person familiar with the issue said.
UBS has been told the meeting is due to happen today, said the person, who asked not to be named because the details aren’t public.
Citigroup’s curbs was earlier reported by Reuters, which said that Standard Chartered Plc and JPMorgan Chase & Co. have also asked their private banking employees to curb travel to China. Spokeswomen at Standard Chartered and JPMorgan declined to comment.
The UBS travel restriction only affects those who help manage money for clients and hasn’t been imposed on other UBS business units.- Bloomberg
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