by eggplant in BFI
The Swiss bank — UBS Group AG UBS — has expressed interest in increasing majority stake in its Chinese securities venture with the submission of application to China’s securities regulator — The China Securities Regulatory Commission (CSRC), Bloomberg reported. This move follows CSRC’s lessening restrictions on foreign ownership of brokerages announced earlier this year. Notably, indicating their readiness to allow greater access to global banks into their financial markets, the securities regulator has set the month of June as deadline for foreign companies to increase majority stake to 51% in securities JVs, up from the existing ceiling of 49%. Regarding this, the CSRC detailed the guidelines and experience mandatory for foreign shareholders, last week, along with the scale of businesses which can be recognized. Therefore, to explore opportunities for its investment banking, wealth and asset management operations in China, this Zurich-based bank targets to raise stake to 51%, up from the existing 24.99%.