(Bloomberg) -- UBS Group AG named Janice Hu, the former head of China for Credit Suisse, as vice chair of its securities venture in the world’s second-largest economy.
Hu, who has worked at Credit Suisse for more than 20 years, will take up her role on Thursday, according to a memo seen by Bloomberg News. A UBS spokesman confirmed the contents of the memo.
The move comes as UBS is in the process of selling the China securities venture of Credit Suisse, following its takeover of its Swiss rival. Chinese rules stipulate that a foreign shareholder can’t hold majority stakes in two domestic brokerages simultaneously.
Hu is the granddaughter of former Chinese Communist Party Secretary General Hu Yaobang. Her role with UBS had been under discussion since the takeover.
--With assistance from Cathy Chan.
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