Companies

UBS to set up a team advising on China-related M&As

(Agencies)
Updated: 2010-08-26 14:17
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UBS AG will establish a mergers and acquisitions (M&A) team in China after the nation's share of global transactions more than doubled in the past three years, Bloomberg reported Wednesday.

China accounted for 7.9 percent of the global value of deals so far this year, up from 3 percent in 2007, according to data compiled by Bloomberg.

M&A deals involving Chinese companies amounted to $155 billion last year, up from $63 billion in 2005, Bloomberg data show.

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"China M&A has become increasingly important to us and will be both an important revenue stream and a critical part of our coverage strategy with key clients," Philip Partnow, who will head the team and keep his title as deputy head of investment banking at UBS Securities Co, told Bloomberg.

China International Capital Corp ranked first this year in advising on M&A deals involving Chinese companies, followed by UBS, Switzerland's biggest bank, according to data compiled by Bloomberg.

Goldman Sachs Group Inc ranked third this year.