The Asia Global Payment Summit. Bali, Indonesia. 10-11 October 2019

UBS to Become First Foreign Bank to Obtain Full Control of Chinese Securities Firm

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Swiss bank UBS has become the first bank in China to obtain approve from local authorities for majority ownership of its domestic securities joint-venture.

The bank announced on Friday that Chinese authorities had given the green light to an increase in its stake in the joint-venture to 51% from just short of 25% at present.

The move comes following measures to loosen restrictions on foreign investment in China’s financial sector in the wake of the Boao Forum in April, including a lifting of the ceiling on foreign ownership of key financial institutions.

Other foreign banks that have applied to obtain a majority stake in their domestic firms including JPMorgan Chase and Nomura.

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