Monday, 17 December, 2018

1st LD-Writethru: China approves UBS to gain control of securities JV

China allows Switzerland’s UBS to control local securities business China allows UBS to control local securities business
Rhonda Young | 04 December, 2018, 05:42

The group now owns 24.99% of the UBS Securities Co.

"The China Securities Regulatory Commission (CSRC) recently approved UBS AG to increase the shareholding ratio of UBS Securities Co Ltd.to 51 per cent", the regulator said in a statement late Friday (Nov 30).

UBS is acquiring from China Guodian Capital Holdings and from state agricultural conglomerate Cofco their 12.01 percent and 14 percent stakes in UBS Securities respectively.

This made UBS AG the first global financial institution to take advantage of the new rules China put in place in May to further open up its financial market. The government has also planned to eventually allow them to gain full control in the coming years.

Where is the College Football Playoff National Championship Game?
The semifinals will be played December 29 in the Cotton Bowl and Orange Bowl. "That's all what we're going to be thinking about". Which team had a more convincing win? We now know where the Tigers will play, as well as who the opponent will be in the CFP.

"This is the first foreign-controlled securities company approved by the China Securities Regulatory Commission after the implementation of the Measures for the Administration of Foreign-invested Securities Companies".

When China relaxed its policies regarding foreign ownership in April, UBS AG was the first foreign bank to apply for an increased stake.

Other financial firms including US-based JP Morgan Chase and Nomura Holdings of Japan, are still awaiting approval for similar moves.

This week, however, two big European insurance firms received their approval for expansion in China.

Will Australia sledge Virat Kohli? Josh Hazlewood and Tim Paine weigh in
The call, facilitated by the Make a Wish Foundation, informed Archie that he was to link up with the squad before the first Test. We thought that it was best to take a break today and train for the next two days and be fresh for the Test match".

UBS Securities Co. which now focuses on debt and equity underwriting as well as financial advisory, will be looking to delve into wealth management, investment banking and asset management.

"Since establishing our onshore presence in 1989, we have been at the forefront of foreign investment in China".

"This is a key milestone and an important part of our China strategy".

Eugene Qian, president of UBS Securities, said with majority control, UBS can better realize the opportunities in China's capital markets and make a greater contribution to the UBS Group.

George Bush senior dies at 94 years old
Despite the loss of mobility, Bush celebrated his 90th birthday by taking part in a tandem parachute jump in Kennebunkport, Maine. President Donald Trump and first lady Melania Trump on Saturday mourned the passing of former President George H.W.

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