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UBS Sells Stake In China Joint Venture To Comply with Local Regulations: Report

UBS Group AG (NYSE:UBS) shares are trading lower today. The bank is reportedly selling a partial stake in one of its securities joint ventures to Beijing State-owned Asset Management (BSAM). The Swiss bank’s joint venture partner, Founder Securities, said on Monday that it would sell its entire 49% stake in the joint venture for 885 million yuan ($122 million), reported Reuters. This move is a significant step for UBS as it consolidates its operations in China following its merger with Credit Suisse. Meanwhile, in a separate statement, UBS announced that it is selling a 36.01% stake in the venture to BSAM for $91.4 million. UBS had previously held a 51% ...