UBS first foreign bank approved for majority stake in China JVStaff Writer | December 1, 2018
China's regulator gave approval for UBS Group to hold the majority stake in its securities joint venture, making it the first foreign bank to take such control.
Asia This will be the first foreign-controlled brokerage
"This will be the first foreign-controlled brokerage approved by the securities regulator since the rules on foreign investment in brokerages were implemented," the CSRC said on social media website Weibo late on Friday.
"Growing our China business is key element of our strategy. The further opening up of China's financial sector represents great opportunities for our wealth management, investment bank and asset management businesses," UBS Chief Executive Sergio Ermotti said in a statement.
"Since establishing our onshore presence in 1989, we have been at the forefront of foreign investment in China. This step underlines our long-term commitment to this market and we will continue to pursue opportunities." ■