UBS seeks 2,200 new hires in Asia-region chief

* UBS Asia to go from 7,300 to 9,500 staff in 3 years

* Chi-Won Yoon tells Swiss magazine will also build IB

* Says euro gyrations could impact UBS Q2 results

ZURICH, July 25 (BestGrowthStock) – Swiss bank UBS (UBSN.VX: )(UBS.N: ),
the top wealth manager in Asia, plans to hire 2,200 new
staff in the region, the head of UBS in Asia Pacific said in an
Swiss magazine interview, a move that would return it to its
pre-crisis splendour.

Chi-Won Yoon, who became Chief Executive of UBS Group Asia
Pacific in June 2009, also said the euro’s gyrations could
influence UBS’ second quarter results, according to an article
on the website of trade magazine “Schweizer Bank”.
“The defensive phase, in which we tried to mantain our
standing and contain any loss of position, is behind us. We are
now back on the offensive,” Yoon, who joined UBS in 1997 and is
also a UBS executive board member, was quoted as saying in an
interview.

“We have 7,300 employees in the region. In three years they
should be 9,500, the same level we had in mid-2007.”
Yoon said UBS’ expansion would go beyond the private banking
business.

“We remain the leading wealth manager in the region but we
also have a strong position in investment banking and securities
trading. Here we are going to continue to expand,” he said.

Yoon said UBS was, together with U.S. investment bank
Goldman Sachs (GS.N: ), already a leader in securities trading and
investment banking in China. Right now, most of the business was
done outside mainland China, like stock listings in Hong Kong.

But he said that banking activity in China itself would
become more and more attractive.

“The private banking business of our UBS Securities division
in four big Chinese cities is growing vigorously,” he said.

China is already the seventh country in the world in terms
of millionaires. However, Yoon said bureaucracy and
administrative procedures remained a challenge.

Beyond China, UBS is focusing on India, HongKong, Singapore,
South Korea and Australia, Yoon said.

Stock Today

(Reporting by Lisa Jucca; editing by Karen Foster)

UBS seeks 2,200 new hires in Asia-region chief