Swiss bank UBS is strengthening its presence in China after receiving regulatory approval to acquire a local securities firm fully.
UBS will acquire an additional 33 percent stake in UBS Securities from Beijing State-owned Assets Management Co., Ltd (BSAM), thereby taking full control of UBS Securities in China. The big bank announced this on Friday, having received the corresponding approval from the China Securities Regulatory Commission.
UBS Securities was the first foreign-invested, fully licensed securities joint venture in China in 2007. In 2018, UBS became the first foreign bank to take majority control of a Chinese securities firm – initially with a 51 percent stake, which was increased to 67 percent in 2022.
UBS Securities is active in global banking, global markets, research and wealth management.
UBS is proud of its long history in China and of serving clients in one of the most important and fastest-growing markets in the world. We will continue to invest in China as a central pillar of our growth ambition, further strengthening our leadership position in the region, said Group CEO Sergio Ermotti.
The move to full ownership of UBS Securities is an important milestone for our integrated strategy in the region. It enables us to further expand our investment banking and wealth management offering in China. Not only will we be able to capitalize on the tremendous business opportunities as China’s financial sector opens up, but we will also gain better access to the unique wealth creation that we can support with our products, services and advice,» Iqbal Khan, President Asia Pacific and Co-President Global Wealth Management at UBS, said.
