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Chinese Group To Sell 33 Per Cent Stake In UBS Joint Venture – Report
UBS is wrapping up a number of transactions following last spring's acquisition of Credit Suisse.
Beijing State-owned Asset Management, or BSAM, reportedly intends
to auction off a 33 per cent stake in the joint venture, UBS
Securities, according to Reuters.
The move will enable the Zurich-listed bank to fully
own a sizeable securities brokerage in the world’s
second-largest economy, the newswire noted. UBS owns a 67 per
cent stake in the firm.
"As indicated earlier, the process for UBS to increase its stake
in UBS Securities to 100 per cent is in progress," a spokesperson
was quoted as saying.
WealthBriefingAsia was unable to locate the announcement
on the China Beijing Equity Exchange website.
The state asset manager is auctioning its stake at an asking
price of RMB1.5 billion ($207.10 million), the report
said.
UBS is wrapping up a series of transactions in the wake of last
year’s “shotgun wedding” purchase of Credit Suisse.
