UBS gains brokerage ownership rights
8 March 2007
UBS has become the first overseas securities firm to win the right to own a Chinese brokerage as soon as the law permits, state media reported. The bank, which will initially own 20% of the UBS Securities venture, has a written agreement that its five Chinese partners are willing to sell their stakes, asking not to be identified before an announcement by the nation's securities regulator. Gaining a bigger stake would help Zurich-based UBS control its expansion in China, where total market capitalization tripled in value in the past 12 months and more than US$20 billion of share sales are planned in 2007.
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