CORRECTED (OFFICIAL)-UBS to double China investment banking business headcount in 3-4 years

(Correct China headcount number to 400 in first paragraph after UBS clarification)

HONG KONG, Dec 3 (Reuters) - UBS Group AG plans to double its current headcount of about 400 people at its majority-owned China investment banking joint venture in the next three to four years, the bank’s head of global banking in Asia Pacific said on Tuesday.

Last year, UBS became the first foreign bank to get Chinese regulatory approval to take control of its securities business by raising its holding to 51%. The venture’s operations include debt and equity underwriting, and financial advisory.

The bank’s expansion plans come at a time when China is opening up its financial markets to foreigners. This has resulted in increased demand for local securities and dealmaking services.

“Overall, our plan is to steadily grow China onshore headcount, but we are not just going to compete on size,” David Chin told reporters, referring to its investment banking joint venture in that country. (Reporting by Sumeet Chatterjee; Editing by Christina Fincher)