Deals
UBS Becomes First Global Bank to Take Advantage of China Opening
- Three global banks have signaled interest in lifting holdings
- China issued guidelines on foreign ownership on April 28
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UBS Group AG submitted an application to acquire a majority stake in its Chinese securities venture, becoming the first global bank to take advantage of Beijing’s latest commitment to open its financial markets to foreign firms.
The China Securities Regulatory Commission received the application from the Zurich-based bank on Tuesday, according to a statement on the CSRC website. UBS said in a separate statement it aims to raise the stake in its China venture to 51 percent, up from the current 24.99 percent.