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.
Two Foreign Banks Apply for Controlling Stakes in Joint-venture Securities