The UBS bank in China is keen about focusing its operations on new family needs as it opened its branch in Shanghai.

Cognizant of the shift in customer demand, the Swiss bank is now giving emphasis on risk management and wealth preservation, as revealed by the UBS wealth management head for China, Amy Lo.

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 It was noted that in the past, families were more concerned of growing their wealth, but this notion changed during the past few years.

"Currently about 70 percent of our clients are entrepreneurs in the Asia-Pacific region and many in China are the first generation or the second generation of entrepreneurs," Lo disclosed, as shared by China Daily.

The banker from the UBS bank in China further narrated that they will address all the service requirements related to investment, business and family needs.

In the meantime, the latest All China Federation of Industry and Commerce report on business succession planning divulged that only 40 percent of the entrepreneurs' children are willing to take over their respective business interests once their parents retire.

Meanwhile, the other 40 percent expressed that they are unsure yet if they will take on the challenged or not while 15 percent are definite about not taking over their family's enterprises.

With this scenario, businessman Zhou Bomin from Ningbo, Zhejiang province stated that he is considering to utilize the family office service to address the possible complicated issues arising from running a plastic products company.

"Some of my friends have their own family offices and the investment consultants are even helping the business owners to seek overseas merger opportunities and planning children's college education, which are quite appealing to people like me because I am good at plastic products, not necessarily good at financial planning and other fields," Zhou, who own s three plastic products companies, said.

The Shangai branch of the UBS bank in China is located in the Xintiandi area where the top-earning individuals are found.

TagsUBS Bank, china, Shanghai, china business