China Approves UBS to Control Its Securities Joint Venture

[kreslik.news]

The China Banking and Insurance Regulatory Commission today approved plans by UBS Group AG to acquire a majority stake in its mainland securities venture, becoming the first global bank to take advantage of Beijing’s latest commitment to ease foreign-ownership restrictions.

“This will be the first foreign-controlled brokerage approved by the securities regulator since the rules on foreign investment in brokerages were implemented,” China’s securities regulator said in a statement on Friday.

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Earlier this year, UBS filed application to raise the stake in its China venture, called UBS Securities, to 51 percent, up from ... (read more)