BEIJING/HONG KONG, June 24 (Reuters) – UBS (UBSG.S), opens new tab is selling a partial stake in one of its securities joint ventures to Beijing State-owned Asset Management(BSAM), a key step for the Swiss bank as it consolidates China operations after its merger with Credit Suisse.
Its joint venture partner Founder Securities said in a filing on Monday that Founder will offload its entire holding of 49% in the joint venture, with UBS selling 36.01% of its 51% stake to BSAM.
($1 = 7.2580 Chinese yuan renminbi)
Source: REUTER
