The Union Bank of Switzerland (UBS) , the biggest bank in Switzerland, plans to open a branch in Beijing, which will be also its first branch in China.

Leon Brittan, executive chairman of UBS Investment Bank and former vice-president of European Union Commission, made the announcement in Beijing during a recent meeting with Wang Qishan, acting mayor of Beijing, according to local official sources.

Brittan said application was still in process and described the move as support for Beijing efforts to build itself into a financial center.

He explained that a financial center should have the advantages of good telecommunications, scientific, technological and accounting services, and more importantly, law makers and enforcers who were in easy reach to deal with problems quickly.

The bank's business covers private equity investment, investment bank and property management. The bank has opened two representative offices in Beijing and Shanghai.

UBS registered an income totaling 34.1 billion Swiss francs (25. US$44 billion) in 2002. Its net profit was 3.5 billion Swiss francs (2.61 US$million billion) for the same year.

(Xinhua News Agency July 31, 2003)