Swiss multinational UBS will become the first foreign financial institution in China that owns a controlling stake in its Chinese securities joint-venture, The Paper reported.
The China Securities Regulatory Commission has given the green light to UBS AG to increase its holdings in its mainland joint venture, UBS Securities, by acquiring 12.01% and 14% equities in the latter held by China Guodian Capital Holdings Ltd. and COFCO Group respectively.
After the acquisition, UBS AG’s shareholder ratio in UBS Securities will increase from 24.99% to 51%. The rest of the shares will be held by Beijing Guoxiang Asset Management Co. Ltd. (33%), Guangdong Provincial Transportation Group (14.01%) and China Guodian Capital Holdings Ltd. (1.99%).
“Expanding our business in China is our strategic focus. The further opening of China’s financial market is a major opportunity for UBS’s business in China, including its wealth management, investment banking and asset management,” said Sergio Ermotti, CEO of UBS AG.
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Damn! Seems as if we just can’t keep things to iurselves. First, KFC, followed by MACdonald‘s, the Channel, Walmart jumps in, now it’s UBS’s turn? I hate this. What invertbrates we have in our world. Dear Helmsman rolling and churning in his coliseum…
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Damn! Seems as if we just can’t keep things to iurselves. First, KFC, followed by MACdonald‘s, the Channel, Walmart jumps in, now it’s UBS’s turn? I hate this. What invertbrates we have in our world. Dear Helmsman rolling and churning in his coliseum…
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