UBS offers a vote of confidence in China's equity market

Swiss bank UBS AG said on Monday that it plans to double its earnings in the equities business in China in the next five years.

Fang Dongming, head of China equities at UBS AG, said that the bank will seek to diversify its equities business from the traditional commission earnings under the Qualified Foreign Institutional Investors program to new business, including margin trading, short selling, derivative trading business and cross-boarder financing and investment business.

"Doubling our earnings in the next five years means that we need to achieve at least double-digit growth each year," Fang said at a news conference on the sideline of the Swiss bank's annual China conference in Shanghai.

Chief Executive Officer Sergio Ermotti of UBS Group AG, offering a vote of confidence in China after the A-share market suffered a volatile start to the year, said in an opening speech that the Group will double its staff in China over five years and add about 600 people.