UBS Weighs Credit Suisse China Stake Swap With Beijing Government
- Beijing state fund may buy part of Credit Suisse onshore arm
- Deal would see bank attain full ownership of UBS Securities
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UBS Group AG is in discussions to attain full ownership of its China platform by swapping its holding in Credit Suisse’s onshore securities venture with a Beijing government investment fund, according to people familiar with the matter.
The Zurich-based lender is proposing to buy the 33% stake held by Beijing State-Owned Assets Management Co. in their joint venture UBS Securities Co., the people said, asking not to be identified discussing a private matter. In return, UBS will sell part of or its entire 51% stake in Credit Suisse Securities (China) to the Beijing government fund, said the people.