UBS Gains Full Ownership of UBS Securities

UBS has received approval from China's securities regulator to become the sole shareholder of UBS Securities. This move involves acquiring an additional 33% stake from Beijing State-owned Assets Management, allowing UBS to raise its ownership to 100%.

UBS has announced a significant development following the approval from China's securities regulator for it to acquire full ownership of UBS Securities. The Swiss bank confirmed this news in a statement released on Friday.

The acquisition will involve purchasing an additional 33% stake in the Chinese joint venture. This move will see UBS increase its stake from Beijing State-owned Assets Management, culminating in a 100% ownership of UBS Securities.

This marks a crucial strategic step for the global financial services company as it strengthens its foothold in the Chinese market.

(With inputs from agencies.)