Sergio Ermotti

Last year we also made capital increase in our local entities.

And I think this year we are now planning to launch a panda bond.

And so I think that's...

We want to continue to foster our presence in China.

We have been in mainland China for 35 years.

We have been in Hong Kong for 60 years.

So this is really part of our core business.

If you think about it, we are managing in the region more than a trillion of assets, 800 plus in wealth management and 250 in asset management.

So we want to continue to reinforce that position, but at the same time, our leading position in the investment bank, across the board, and where we are a leader in the region, and in China, mainland China particularly, and also in asset management through our very successful joint venture with ICBC.

This is still to be determined, but

the decision has been taken to issue a panda bond.

Well, look, this year I think that our goal is to continue working with local universities, hiring young talents.

We employ around 1,300 people in China.

Half of them are in Shanghai and the rest is in Beijing and the rest in Shenzhen.

We're probably going to have around 100 people this year in China.

So, but we are, you know, as I said, we are also investing not only in seasoned professionals, but also in the young generation of people for the franchise.

Yeah, look, when I look at Asia, in general, the integration is over, it's done.

So I think that we completed the integration actually in 2024.

Mainly in Asia, across the board, the investment bank has been closed and asset management the same.

So as I just mentioned, we are hiring both in China, but broadly speaking also in Asia, in Japan, for example.