UBS continues to act as a pioneering foreign bank in mainland China taking full advantage of the accelerated timeline for foreign ownership cap removals by seeking full control of its securities joint venture by 2020.
«The accelerated removal of the ownership caps for securities companies means that UBS is expected to be permitted to increase its stake in UBS Securities China from the current level of 51 percent to 100 percent by 2020,» the bank said during its quarterly result announcement this week. «The exact effective date remains to be clarified.»
In July, Chinese authorities announced the removal of foreign ownership limits for securities, insurance and fund management companies next year, introduced a year earlier than planned.
Others have also been actively taking advantage of Chinese liberalization including Citi which is reportedly setting up a wholly-owned onshore securities business.
