(Yicai) July 12 -- Swiss banking giant UBS Group has named the former chief executive of Credit Suisse China as the new vice chair of its securities joint venture in the world’s second-largest economy.

Janice Hu yesterday became the vice chair of UBS Securities, the Beijing-based securities joint venture majority owned by UBS, Yicai learned on the same day.

UBS bought embattled rival Credit Suisse last year and completed its restructuring. The integration of Credit Suisse’s China business into UBS has been nearly completed, and a small number of Credit Suisse China employees have already joined UBS, Yicai learned in January. Some positions at UBS’ Asia-Pacific business were also adjusted.

Hu had a major role in consolidating and integrating Credit Suisse’s Chinese business into UBS over the past year. She worked with UBS’ securities management team to drive business development.

Hu climbed the ranks at Credit Suisse China during her 20 years at the banking giant. She first served as investment banking business director and then was promoted to vice chair and chief executive officer. She also served as chairwoman of Credit Suisse Securities China, the securities venture in China of Credit Suisse and Founder Securities.

After Credit Suisse’s acquisition, UBS found itself holding a majority stake in two Chinese brokerages, which is forbidden by Chinese regulations. In June, UBS announced it had agreed with Founder Securities to sell their whole equities in the JV to Beijing State-Owned Assets Management for a total of USD215.4 million.

Wang Jing, former CEO at Credit Suisse Securities China, joined Beijing Gaohua Securities as its new head of brokerage and wealth management, Chinese media reported late last month.

Editors: Shi Yi, Futura Costaglione