UBS is in discussions to acquire a majority stake in its Chinese securities joint venture, Chief Executive Officer Sergio Ermotti said, as global banks rush to take advantage of Beijing’s pledge to further open its financial markets.
UBS has started talks with its local partners on taking a 51 percent stake in the venture, Ermotti said in an interview in Shanghai on Monday with Bloomberg Television’s Tom Mackenzie. He also said UBS is ahead of its plan to double headcount in China over a five year period, saying the Zurich-based bank may have 1,200 staff in the country by the end of this year.
"So we are in line with our plans to grow our business, regardless of the stake,” Ermotti said. “But of course if we can have a more rounded financial participation in our business here, we do welcome that," he added. He said the discussions on a 51 percent stake could be concluded in “a matter of months.”
Hit the link below to access the complete Bloomberg News article: