UBS (UBS) said Wednesday it has received regulatory approval from Beijing to sell a 36% stake in the collapsed Credit Suisse's China venture.
The Swiss banking giant said it has secured permission to sell the stake in Credit Suisse Securities to Beijing State-owned Assets Management while retaining 15% ownership of the unit.
"We will continue to invest in China and broaden our leadership position in the investment bank while expanding our wealth management and asset management businesses," UBS China Country Head Janice Hu said.
UBS, which took over the assets of the fialed Credit Suiise in a Swiss-government-backed bailout, has been in exclusive talks with its Chinese partner to sell off some of the assets after negotiations with Citadel Securities stalled, news outlets reported.
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