UBS Group AG Eyes Full Ownership of Securities Joint Venture in China

UBS Group AG (UBS) is on track to gain full ownership of its securities venture in China, UBS Securities Co. Limited ("UBS-S"). This move comes as UBS' joint venture (JV) partner, Beijing State-owned Asset Management ("BSAM"), announced its decision to sell a 33% stake in UBS-S, per Reuters. BSAM is auctioning its stake for 1.5 billion yuan ($207.10 million), according to the China Beijing Equity Exchange. At present, UBS Group AG owns a 67% stake in UBS-S and is expected to bid for the remaining shares. An ...