UBS has asked China’s securities regulator for approval to lift its stake in its Chinese securities joint venture to 51 per cent, the bank said on Thursday.
China issued new rules on Sunday that formally allows foreign banks to apply to take controlling stakes in securities companies in the country.
UBS already holds management control of its joint venture, called UBS Securities, but holds a stake of about 25 per cent in the business. The Swiss bank said in an email that its application to increase its stake is now being reviewed by the China Securities Regulatory Commission. CSRC has confirmed in a statement that it has received the application.
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