(Bloomberg) -- UBS Group AG named Credit Suisse veteran Janice Hu its new head of China to replace Eugene Qian who decided to step down after more than nine years in the country.
Qian informed the firm of his decision to relinquish the role, citing family reasons, according to a memo. He will explore other opportunities within the firm and continue to work on several strategic China initiatives, according to the memo confirmed by a spokesman.
The appointment of Hu, based in Beijing, will be effective Sept. 16. She joined UBS as part of its takeover of Credit Suisse and is currently vice chairman of UBS Securities and chair of global banking for China.
Hu is the granddaughter of former Chinese Communist Party Secretary General Hu Yaobang and had worked at Credit Suisse for more than 20 years.
She will report to Iqbal Khan, the president of Asia-Pacific, the memo said. Khan is replacing Edmund Koh, who will remain at UBS as regional chair Asia-Pacific.
Global banks have experienced several shakeups of leadership positions in China, where they face a myriad of challenges. There has been a prolonged slump in dealmaking amid a sluggish economy and rising US-China tensions.
UBS earlier agreed to sell the majority of its stake in Credit Suisse’s China venture to Beijing State-owned Assets Management Co as part of its plan to attain 100% ownership of its own securities firm, people familiar have said.
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