UBS In Talks For Full China Platform Ownership – Report

Editorial Staff

10 April 2024

is reportedly in talks to take full ownership of its China platform by swapping its holding in Credit Suisse’s onshore securities venture with a Beijing government investment fund.

The bank proposes to buy the 33 per cent stake held by Beijing State-Owned Assets Management Co in their joint venture UBS Securities Co, Bloomberg reported yesterday, citing unnamed sources. In return, UBS will sell part of or its entire 51 per cent stake in Credit Suisse Securities (China) to the Beijing government fund, the report said.

The Zurich-listed bank, which acquired Credit Suisse last year, declined to comment to WealthBriefingAsia. Beijing State Owned Assets Management and the China Securities Regulatory Commission didn’t respond to requests for comment, Bloomberg said.

The China venture is up for grabs because UBS put the Credit Suisse venture up for sale after taking control of its smaller Swiss rival when it collapsed last year.

Under Chinese rules, a foreign shareholder can’t hold majority stakes in two domestic brokerages simultaneously. UBS has already controlled 67 per cent of its own UBS Securities since 2022.