UBS announced that the China Securities Regulatory Commission has approved its move to become the sole shareholder of UBS Securities Co. Limited by acquiring a 33% stake from Beijing State-owned Assets Management Co., Ltd, raising its ownership from 67% to 100%.
UBS Securities, which began operations in 2007, was the first fully-licensed foreign-invested securities joint venture in China. In 2018, UBS became the first foreign bank to control a majority stake in a securities joint venture in the country. The firm expanded its stake to 67% in 2022. UBS Securities operates in global banking, markets, research, and wealth management.
CEO Sergio P. Ermotti stated, “UBS is proud of its long history in China, serving clients in one of the most significant and fastest-growing markets in the world. I would like to thank our long-term business partner BSAM for building together a leading position among foreign securities joint ventures in China. We will continue to invest in China as a key pillar of our growth ambitions in order to further enhance our leadership position across the region.”
Iqbal Khan, President Asia Pacific and Co-President Global Wealth Management at UBS, said, “Moving to a full ownership position in UBS Securities marks an important milestone for our integrated strategy in the region, allowing us to further expand our investment bank and wealth management services in China. This will not only enable us to capture the vast business opportunities emerging from the opening of China’s financial sector but will also broaden our access to the unparalleled wealth creation through our world-class products, services, and advice to clients.”
Janice Hu, China Country Head and Chairperson of UBS Securities, remarked, “For close to two decades, UBS has gradually broadened its services to support the needs of our clients, especially in the cross-border space. Through UBS Securities, we will continue to provide investors with bespoke access to China, while offering Chinese clients access to both the domestic and international markets. We look forward to many decades of continued success in China.”
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