‘We were always here’: UBS CEO ups Hong Kong commitment despite US expansion

UBS, Switzerland's largest bank, is intensifying its commitment to Hong Kong despite expanding its presence in the United States, according to CEO Sergio Ermotti. Ermotti views Hong Kong as a crucial gateway to tap into the growing number of wealthy clients across mainland China. The bank has consistently invested in Hong Kong and China over the decades, dismissing concerns that its US expansion would divert resources from Asia.

Ermotti emphasized that UBS's regional business plans remain unchanged, regardless of short-term policy fluctuations. The bank's Hong Kong operations, including its new UBS Tower in West Kowloon, symbolize its enduring presence in the region. In 2025, Hong Kong surpassed Switzerland to become the world's largest cross-border wealth management hub, managing $2.95 trillion in assets.

UBS accounts for 25 to 30 percent of its quarterly pre-tax profit, with Hong Kong playing a significant role. Ermotti anticipates Asia's share of total profits to rise to 35-40 percent over the long term. Despite UBS's expansion in North America, Ermotti clarified that the bank's global priorities remain balanced, with the US representing an established wealth pool and Asia offering substantial growth potential.