UBS Awaits Government Nod for 51% Stake in China Securities Firm

Switzerland’s UBS Group AG announced Thursday it is officially seeking a majority stake in its securities joint venture in China, becoming the first overseas company to make such a move after Beijing relaxed its control on foreign ownership of brokerages.

UBS Securities Co. Ltd., of which the Swiss investment bank and financial service provider currently holds 24.99%, has submitted an application to the China Securities Regulatory Commission (CSRC) for raising UBS Group’s share to 51%, a UBS Group spokesperson said in a statement.