UBS took a big step towards expanding its stake in a decisive Chinese partnership, in a bid to eventually control the majority.
China's financial market regulator eased rules on foreign investment in its finance firms earlier this month, allowing outsiders to take a majority in domestic firms. Zurich-based UBS isn't wasting any time: the Swiss bank has applied to take a 51 percent stake in its Chinese joint venture, UBS Securities Co, newswire «Reuters» reported on Thursday.
The bank currently holds one-quarter of the entity, which unites the four Chinese firms Beijing Guoxiang Asset Management, China Guodian Capital, COFCO Group and a Guangdong transport firm.
