Finance
UBS Receives Approval to Sell Part of Credit Suisse China Stake
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UBS Group AG said it received regulatory approval to sell a 36% stake in Credit Suisse’s China venture, bringing closer the full integration of the two banks in the world’s second-largest economy.
UBS sold the stake in Credit Suisse Securities in China to Beijing State-Owned Assets Management, the Swiss bank said in a statement on Wednesday. It retains a 15% stake in the unit.