UBS is on track to acquire full ownership of UBS Securities, its China securities joint venture, as Beijing State-owned Asset Management (BSAM) plans to sell its 33% stake in the firm.

UBS currently holds a 67% stake and is in the process of purchasing the remaining shares. The asking price for BSAM's stake is set at 1.5 billion yuan ($207.10 million).

This move comes as UBS aims to consolidate its operations in China after taking over the unit from Credit Suisse. UBS Securities, which was established in 2006, became the first foreign majority-owned securities firm in China in 2018.

If the acquisition is completed, it will be a significant milestone for UBS in the world's second-largest economy.