UBS will take majority stake of its China joint venture

UBS received clearance from the ChinaSecurities Regulatory Commission to increase its holdings in the mainland joint venture UBS security. With that, the Swiss bank will be the first foreign financial institution which owns a majority stake in a China securities joint venture. UBS will acquire 12.01 and 14 percent equities and increase its shareholder ratio to 51 percent.

Regarding the expansion, UBS CEO Sergio Ermotti commented: “Expanding our business in joint venture our strategic focus. The further opening of China’s financial market is joint venture a major opportunity for UBS’s business in China, including its wealth management, investment banking and asset management“.

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