UBS becomes first foreign bank approved for majority stake in China JV

UBS becomes first foreign bank approved for majority stake in China JV

Pedestrians pass beneath a UBS sign outside a UBS AG bank branch in Zurich, Switzerland, on Thursday, Oct. 23, 2014. Photographer: Gianluca Colla/Bloomberg

China’s securities regulator on Friday gave approval for UBSGroup to hold the majority stake in its securities joint venture, making it the first foreign bank to take such control under new rules announced by Beijing last year.

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