No change in China expansion plans, says UBS

Switzerland's largest bank UBS is committed to expansion plans in China despite several cost reduction initiatives undertaken globally due to the effects of the financial downturn, a company executive told China Daily during an exclusive interview.

"We will reduce the total size of the business globally, but not in China," Lord Brittan, vice-chairman of UBS Investment Bank, said.

UBS posted a $18 billion net loss in 2008 and failed to show positive signs this year.