On September 26, UBS announced the signing of a comprehensive strategic cooperation memorandum with the Industrial and Commercial Bank of China Limited (" ICBC "), under which the two parties will explore strategic cooperation in a number of areas, including asset management, wealth management, investment banking and corporate banking.

According to reports, the cooperation areas include within China, cross-border and overseas. The MOU covers diverse areas of cooperation, including product development and distribution, customer coverage, global financial market transactions, investment and financing, industry and market research, asset custody, and training exchanges. Ubs has officially completed the acquisition of Credit Suisse on June 12, 2023, crossing an important milestone. The combined entity will operate as a banking group. Credit Suisse currently holds a 20 per cent stake in ICBC Credit Suisse Fund Management.
Sergio P. Ermotti, Chief Executive Officer of UBS, said: "UBS is proud to deepen our cooperation with ICBC. The Industrial and Commercial Bank of China is China's largest bank, with more than 10 million corporate customers and 720 million individual customers. This time, the global strength of UBS and ICBC's leading position in China and Asia allow both sides to leverage their unique strengths to help international investors participate in the Chinese market, while assisting Chinese companies and investors to go global. China is an important market for UBS and we have been in the country for more than 30 years. This partnership will help further accelerate UBS's China strategy."