UBS branch in Beijing, China File photo: VCG

UBS said that the China Securities Regulatory Commission (CSRC) has approved its filing to become the sole shareholder of UBS Securities, its securities joint venture in China, according to a corporate statement on Friday.

UBS will acquire the 33 percent stake held by Beijing State-owned Assets Management Co (BSAM), increasing its ownership in UBS Securities from the current 67 percent to 100 percent.

In December 2018, UBS AG increased its shareholding in UBS Securities to 51 percent, becoming the first international bank to increase its stake to take majority control in a China securities joint venture. In March 2022, UBS AG further raised its stake in UBS Securities to 67 percent, according to a statement from UBS.

Iqbal Khan, President of Asia Pacific and Co-President of Global Wealth Management at UBS, called the full ownership of UBS Securities a key milestone in UBS' integrated strategy for the region, enabling the firm to further expand its investment banking and wealth management businesses in China.

This move allows UBS to capture significant opportunities arising from China's financial market opening while also deepening its participation in China's wealth creation, Khan was quoted by media reports as saying.

Janice Hu, Head of China at UBS, said that "through UBS Securities, we will continue providing investors with seamless access to China's market while offering Chinese clients opportunities to connect with global markets. We look forward to sustained success in our onshore business."

Global Times