(Yicai) Aug. 30 -- Swiss banking giant United Bank of Switzerland has appointed the vice chair of its majority-owned brokerage in China, UBS Securities, as the head of its China operations.

Hu Zhizhi replaces Qian Yujun who stepped down on Sept. 16, Yicai learned from a company source yesterday. Qian will continue to hold other positions at Zurich-based UBS and participate in integrating strategic projects resulting from UBS’ acquisition of collapsed Swiss investment bank Credit Suisse.

Hu, who joined Beijing-based UBS Securities as vice chair in July, will lead UBS’ management team in China to promote business development in the country while maintaining close and effective communication with regulators. She also served as the chairperson of UBS Investment Bank China from July.

Her meteoric rise in the company might have to do with her 20 years of service at Zurich-based Credit Suisse, where she held several key positions including the head of its security business in China. Hu is also the granddaughter of Hu Yaobang, former general secretary to the Chinese Communist Party during the 1980s.

Editors: Tang Shihua, Kim Taylor