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 operations in China after its merger with Credit Suisse.
Its joint venture partner Founder Securities said in a filing on Monday that Founder would offload its entire holding of 49% in the joint venture, at a price of 885 million yuan ($122 million).
Source: REUTER
