UBS Qianhai Wealth Management Co Ltd, a wholly-owned subsidiary of UBS AG, announced on Monday it received approval from the Shenzhen Securities Regulatory Bureau to take part in securities investment fund distribution, becoming the second wholly foreign-owned institution to obtain a fund distribution license in China.

According to the National Enterprise Credit Information Publicity System, UBS Qianhai was established on Feb 12, 2018, with registered capital of 206.25 million yuan ($31.99 million). It is totally controlled by Swiss firm UBS AG and is a wholly foreign-owned enterprise registered in Qianhai, Shenzhen.

Shenzhen's approval document said it should complete preparatory work within six months before starting business.

Xu Jianzhou, CEO of UBS Asia Pacific, said hina is an important market for UBS. With China's financial market continuously opening up and the overall development of the Greater Bay Area, UBS will take this opportunity to provide professional wealth management services and investor education.

UBS Wealth Management Asia Pacific Co-President Lu Caiyun said UBS is the first internationally-renowned wealth management institution to settle in the Shenzhen Qianhai Free Trade Zone and will increase investment in the Guangdong-Hong Kong-Macao Greater Bay Area to help deepen financial cooperation between Shenzhen and Hong Kong.

He Xiuhong, CEO of UBS Qianhai Wealth Management Co Ltd, said construction of the Greater Bay Area is a major national development strategy, Shenzhen is an important engine for development and an important place for financial technology and Qianhai is at the forefront of Shenzhen-Hong Kong cooperation. UBS Qianhai hopes to use this as a starting point to bring customers a different wealth management experience with the advantages and opportunities of the Greater Bay Area.

UBS has a history of more than 150 years and is one of the world's largest wealth management institutions, with a large-scale and diversified global asset management business. At present, UBS has established branches in 50 regions around the world, and its shares are listed on the Swiss Stock Exchange and the New York Stock Exchange.

Qingdao Yicai Fund Distribution Co Ltd, wholly owned by Italian banking group Intesa Sanpaolo, got China's first fund distribution license in 2019.