On September 26, UBS announced the signing of a comprehensive strategic cooperation memorandum with the Industrial and Commercial Bank of China Limited (" ICBC "), under which the two parties will explore strategic cooperation in a number of areas, including asset management, wealth management, investment banking and corporate banking.

According to reports, the cooperation areas include within China, cross-border and overseas. The memo covers diversified cooperation categories, including product research and development and distribution, customer coverage, the global financial market trading, investment and financing, industry and market research, asset management, and training exchanges, etc.