The Swiss banking giant has expanded its footprint in mainland China.

UBS has opened a branch in Shanghai, boosting its wealth management presence in the Asia-Pacific region. 

The group already has an office in Beijing. The new office, which will be located in Xintiandi in Shanghai's Huangpu district, comes as part of its growth drive in the Chinese wealth management space. 

“Our branch in Shanghai represents the latest step in the expansion of our mainland presence. China will continue to post higher growth than any other comparable global economy, and rapid wealth creation here will present huge growth potential for our wealth management business,” said Jürg Zeltner, president of UBS Wealth Management. 

“While China's economy is undergoing a year of adjustment, we continue to believe in the strong fundamentals of the country's growth story.” 

UBS has wealth management offices in 10 locations across six countries in the Asia-Pacific region, with assets under management of SFr272 billion ($281 billion) as at the end of 2015.