UBS announces sale of 36.01 pct stake in Credit Suisse to Beijing state-owned firm

(ECNS) -- UBS Group AG announced on Wednesday that it will retain a 14.99 percent stake in Credit Suisse Securities (China) while selling its 36.01 percent stake to Beijing State-owned Assets Management Co., Ltd.

UBS China President Janice Hu said that UBS has been operating in China for over 35 years. Moving forward, the company will continue investing in China, strengthening its leadership in investment banking while expanding its wealth and asset management businesses.

Established in 2008, Credit Suisse Securities is a joint venture securities firm in China. Since June 2020, Credit Suisse Group AG has held a 51 percent stake in the joint venture. In June 2023, Credit Suisse Group AG was merged into UBS.