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UBS combines Greater China investment bank teams

UBS Group AG is combining its Hong Kong-based corporate client solutions China team with the Hong Kong and Taiwan team and appointed co-heads to lead the business.

The Swiss banking group appointed Xuewen Bi and John Lee as joint heads of the Greater China business, according to a May 24 company memo seen by S&P Global Market Intelligence.

Lee was previously the company's vice chairman for Asia. Bi will remain in his current role as head of corporate client solutions at UBS Securities Co. Ltd.

The company said that combining the teams aims to leverage UBS Group's integrated platform and capture the growth stemming from the integration of the Hong Kong capital market with China.

The creation of the Greater China business comes after UBS Group submitted an application to the China's securities regulator to increase its stake in its Chinese securities joint venture, UBS Securities, to 51%.

Separately, UBS confirmed Sam Kendall as head of corporate client solutions Americas after his appointment as interim head earlier in 2018, according to a May 22 company memo seen by S&P Global Market Intelligence.

The group also named Javier Martinez-Piqueras as the new global head of equity capital markets. He was previously head of equity capital markets for EMEA.