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UBS receives regulatory approval for full ownership of China Securities Joint Venture

UBS receives regulatory approval for full ownership of China Securities Joint Venture

UBS has received regulatory approval to fully own Beijing-headquartered UBS Securities, the Swiss bank said on Friday, completing a key step in its consolidation of business operations in China after its merger with Credit Suisse.

UBS, according to a UBS release, will increase its stake from 100% to 33% with the approval of the China Securities Regulatory Commission.

The approval closes a complex series of transactions that followed UBS's merger and Credit Suisse. This included the sale by UBS of a 36,01% stake in Credit Suisse Securities China to BSAM.

In a press release, Iqbal KHAN, UBS president Asia Pacific and global wealth management co-president, stated that the move to full ownership in UBS Securities marked an important milestone in our integrated strategy for the region. It allowed us to expand our wealth management and investment banking services in China.

UBS Securities was founded in 2006. In 2018, it became the first foreign-owned majority securities firm in China. (Reporting and editing by Ethan Wang. Yukun Zhang, and Ryan Woo. Mark Potter edited the article.

(source: Reuters)