Swiss bank UBS in talks to acquire full ownership of its China platform by swapping stake in Credit Suisse's onshore securities with a Beijing government fund.
Swiss bank UBS is in talks to acquire full ownership of its China platform by swapping its holding in Credit Suisse's onshore securities venture with a Beijing government investment fund. UBS plans to buy the 33% stake in UBS Securities Co. held by Beijing State-Owned Assets Management Co. and sell its entire 51% stake in Credit Suisse Securities (China) in return. The proposal aims to resolve the conflict between UBS's ownership in its China securities units, as Chinese regulations only allow a foreign investor to own majority shares in one domestic brokerage.
April 09, 2024
12 Articles