China allows Switzerland’s UBS to control local securities business

Beijing in April relaxed the rules in the financial industry in a move to open up the economy.

"The China Securities Regulatory Commission (CSRC) recently approved UBS AG to increase the shareholding ratio of UBS Securities Co. Ltd. to 51 percent," the regulator said in a statement late Friday.

"This is the first foreign-controlled securities company approved by the China Securities Regulatory Commission after the implementation of the Measures for the Administration of Foreign-invested Securities Companies."

USB AG, which currently owns about 25 per cent of shares in the USB Securities Co. Ltd joint venture, said in a statement that it would acquire stakes from China Guodian Capital Holdings and COFCO.