China Approves UBS to be First Foreign Firm to Take Control of Brokerage
China has given the first green light for a foreign firm to take control of a mainland securities joint venture, the latest step in the country’s move to further open its financial sector.
Swiss financial titan UBS Group AG gained regulatory approval to increase its shareholding in its securities joint venture in China, UBS Securities Co. Ltd., from 24.99% to 51%, according to a statement (link in Chinese) released Friday by the China Securities Regulatory Commission.
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