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Deals Of The Day: The Latest In Wealth Management M&A - UBS

Editorial Staff

24 April 2019

UBS has won clearance to double its shareholder stake in its securities joint venture in China, a move that the bank says is important to areas including wealth management. The stake in the UBS Securities Co. JV has surged to 51 per cent from 24.99 per cent, the Swiss bank said.

The bank bought the stake from China Guodian Capital Holdings and COFCO, which had 12.01 per cent and 14 per cent stakes in UBS Securities, respectively. When the transaction is completed, UBS will become the first foreign bank to increase its stake to gain majority control of a securities joint venture in China.

"Growing our China business is a key element of our strategy. The further opening up of China's financial sector represents great opportunities for our wealth management, investment bank and asset management businesses,” Sergio P Ermotti, UBS’ chief executive, said.