UBS has rescinded a staff warning against travel to China, just days after the Swiss bank issued it when one of its private banking advisers was asked by the Chinese authorities not to leave the country.
“UBS would like to confirm that we allow all our staff to travel freely in and out of the country and it is business as usual for us in China,” the bank said in a statement on Tuesday. “UBS has had a strong franchise in China for 30 years and remains fully committed to further developing our business on the mainland.”
The bank had previously sent an internal note to a small team of regional private banking advisers, recommending they delay travel to the country while the bank learned more about the situation, according to a person with direct knowledge of the matter.