UBS first to have majority in China joint venture
- Asian Market
- 6 months ago
Swiss bank, UBS Group is the first foreign bank to hold a majority stake in a securities joint venture in China.
Under the new rules announced by Beijing last year, UBS received the green light by China’s regulators.
“This will be the first foreign-controlled brokerage approved by the securities regulator since the rules on foreign investment in brokerages were implemented,” the CSRC (China Securities Regulatory Commission) announced earlier today.
It now will own 51% of the UBS Securities Co venture, something other international banks such as JPMorgan, HSBC and Japan’s Namura Holdings are still awaiting on.
Nevertheless China is looking to relax its foreign ownership policies along with insurance and asset management joint ventures as of next year, a CSRC spokesman said, “We will actively push ahead to open up capital markets and will steadily make every step work towards liberalization.”
Source: Smart Trend Team