The partner of UBS’ Chinese securities joint venture is auctioning its stake. The Swiss bank is expected to be the unit’s full owner.
Beijing State-owned Asset Management (BSAM) plans to auction its entire 33 percent stake in joint venture UBS Securities, according to a note on the website of the China Beijing Equity Exchange. BSAM is seeking an asking price of 1.5 billion Chinese yuan ($207 million) and UBS is expected to become the full owner.
«As indicated earlier, the process for UBS to increase its stake in UBS Securities to 100% is in progress,» a spokesperson for the Swiss bank said.
Following the takeover of Credit Suisse, UBS had undergone various transactions to comply with Chinese regulation which prohibits any entity from having more than one majority-owned securities firm locally. Founded in 2006, UBS Securities became China's first foreign majority-owned securities firm in 2018.
