Switzerland's largest bank UBS is committed to expansion plans in China despite several cost reduction initiatives undertaken globally due to the effects of the financial downturn, a company executive told China Daily during an exclusive interview.

"We will reduce the total size of the business globally, but not in China," Lord Brittan, vice-chairman of UBS Investment Bank, said.

UBS posted a $18 billion net loss in 2008 and failed to show positive signs this year.