China Complicates UBS’ Acquisition of Credit Suisse
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If Swiss financial giant UBS Group AG’s planned acquisition of collapsed bank Credit Suisse Group AG were completed today, the combined company would be in violation of Chinese regulations governing the ownership of securities firms.
The situation, along with a potential similar violation involving a UBS application to set up a wholly owned mutual fund manager, will likely force the two banks to recalibrate their plans to expand their presence in China’s securities and mutual fund industries before the expected completion of the acquisition later this year, Caixin has learned.
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