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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.
