"Both cities are key hubs for southern and central Taiwan," notes Kathryn Shih, head of UBS wealth management in Asia-Pacific, adding: "While offering a suitably confidential environment we will also be able to host financial seminars and educational programmes, which are equally important when it comes to understanding and managing wealth."
Kaohsiung is the second largest city by area in Taiwan with a GDP of $23 billion. It is also home to the biggest commercial harbour in Taiwan. Taichung is one of the islandÆs main economic centres with a GDP of $15 billion and acts as a commercial, distribution and government hub of Central Taiwan.
"We will have dedicated teams in place who understand the needs of the regionÆs entrepreneurs and who will be well positioned to provide the value-add advisory services they need," adds Shih.
UBS established its wealth management business in Taipei in 2000 and, with its additional two new branches, expects to increase its market share of the high-net-worth-individuals and key client wealth pool to more than 10% in the next few years. "We are also looking to further expand our wealth management services to other cities in Taiwan, with a view to delivering UBSÆs unique client advisory service to the wealthy population across the country," says Shih.