UBS Securities first ever foreign-owned broker in China

The logo of Swiss bank UBS

The Chinese securities regulator said late Friday Beijing time that it would let UBS increase its stake in Beijing-based UBS to 51%. UBS, which now holds nearly 25% in the local venture, said in a statement that it would acquire additional stakes from state-owned asset manager China Guodian Capital Holdings, and state-owned grain trader Cofco Group.

Switzerland's largest bank, UBS, has become the first foreign bank to hold a majority stake in a China securities joint venture, after gaining approval from country's securities regulator. Ltd. will own 14.01 percent, and finally, China Guodian Capital Holdings will own 1.99 percent. These two banks are still now waiting for similar approval from the China Securities Regulatory Commission, AFP reported.

UBS was the first foreign bank to apply to raise its shareholding in a China venture after CSRC's policy issued in April 2018, allowing foreign companies to take up to 51 percent stakes in securities firms in China. JV will increase its stake in the joint venture to 51%.

Previously, the lack of control had prevented foreign companies from expanding their businesses in China due to the difficulty in integrating their mainland operations with their global ones. "The further opening up of China's financial sector represents great opportunities for our wealth management, investment bank and asset management businesses".

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"This is a key milestone and an important part of our China strategy".

Sergio P. Ermotti, UBS Group CEO, said this step underlines their long-term commitment to this market and they will continue to pursue opportunities.

"Since establishing our onshore presence in 1989, we have been at the forefront of foreign investment in China". The president was optimistic that with the majority control, UBS AG could better serve its clients in China while also making a greater contribution to the growth of the UBS Group as a whole.


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