BEIJING/HONG KONG (Reuters) -One in every of UBS’s three way partnership companions in China will promote its complete holding in a securities firm, paving the best way for the Swiss financial institution to completely personal a sizeable securities brokerage on the planet’s second-largest economic system.
Beijing State-owned Asset Administration (BSAM) plans to public sale off a 33% stake within the three way partnership, UBS Securities, the China Beijing Fairness Alternate web site confirmed on Monday. UBS owns a 67% stake within the agency.
“As indicated earlier, the process for UBS to increase its stake in UBS Securities to 100% is in progress,” a spokesperson for the financial institution advised Reuters on Tuesday when requested if UBS will bid for the stake.
The state asset supervisor is auctioning its stake at an asking worth of 1.5 billion yuan ($207.10 million).
A profitable acquisition would hand UBS full possession within the Beijing-headquartered securities agency, after a sequence of difficult transactions following the Swiss financial institution’s merger with Credit score Suisse.
UBS in June bought a partial stake in its different securities joint ventures to BSAM, with the Swiss financial institution trying to consolidate operations in China after inheriting the unit from Credit score Suisse.
UBS Securities, based in 2006, grew to become the primary international majority-owned securities agency in China in 2018.
($1 = 7.2428 renminbi)
