UBS Approved to Sell 36% Stake in Credit Suisse China Venture

UBS Group AG has received approval from the China Securities Regulatory Commission to sell a 36.01% stake in Credit Suisse Securities (China) Limited to Beijing State-owned Assets Management (BSAM), reducing its ownership to 14.99%. This move is part of the integration process following UBS's acquisition of Credit Suisse in June 2023 and is expected to resolve prior regulatory issues. BSAM will gain an 85% controlling stake in the venture, while UBS aims to continue expanding its presence in China's investment and wealth management sectors. UBS's Asia Pacific president stated that the transaction optimizes their strategic setup in China, highlighting the importance of the market. The deal also positions UBS to potentially acquire BSAM's stake in UBS Securities, as regulations prevent a bank from holding two licenses in China. With this sale, UBS's assets under management have increased to approximately $6 trillion.