UBS Seeks to Raise Stake in China Joint Venture to 67%
- UBS partners are looking to sell a combined 16% stake
- UBS will not pursue full ownership by buying government stake
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UBS Group AG plans to deepen its control over its Chinese securities unit as two of its partners in the venture are seeking to sell their stakes.
UBS, which in 2018 became the first foreign bank to win approval for majority control of a securities venture in the nation, is planning to snap up another 16% of the firm, boosting its control to 67%, said people familiar with the matter who asked not to be identified discussing an internal matter.