UBS Securities first ever foreign-owned broker in China
The China Securities Regulatory Commission has given the green light to UBS AG to increase its holdings in mainland joint venture
Swiss multinational UBS will become the first foreign financial institution in China that owns a controlling stake in its Chinese securities joint-venture, The Paper reported.
The China Securities Regulatory Commission has given the green light to UBS AG to increase its holdings in its mainland joint venture, UBS Securities, by acquiring 12.01% and 14% equities in the latter held by China Guodian Capital Holdings Ltd. and COFCO Group respectively.
After the acquisition, UBS AG’s shareholder ratio in UBS Securities will increase from 24.99% to 51%. The rest of the shares will be held by Beijing Guoxiang Asset Management Co. Ltd. (33%), Guangdong Provincial Transportation Group (14.01%) and China Guodian Capital Holdings Ltd. (1.99%).
“Expanding our business in China is our strategic focus. The further opening of China’s financial market is a major opportunity for UBS’s business in China, including its wealth management, investment banking and asset management,” said Sergio Ermotti, CEO of UBS AG.