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UBS Group AG is set to acquire full ownership of its securities joint venture in China, UBS Securities Co. Limited, as its partner, Beijing State-owned Asset Management, sells a 33% stake for 1.5 billion yuan. This move is part of UBS's strategy to enhance its presence in China and follows its recent acquisition of Credit Suisse. Additionally, UBS is pursuing broader banking licenses in the U.S. and exploring a wealth management joint venture in India to capitalize on growth opportunities in key markets.
U.S. markets surged post-election, with the S&P 500 closing above 6,000 and the Dow surpassing 44,000 for the first time. Bitcoin also hit a record high of $88,684, while analysts caution that the rally may be overextended, urging investors to remain prudent and diversified amid uncertainty.
Block, owned by Jack Dorsey, has launched its Square Card corporate service in the U.K., marking its first expansion outside North America. The free business spending card aims to provide faster access to funds for merchants, competing with major players like American Express and local banks. Square's investment comes amid concerns over U.K. taxation changes that could impact tech talent retention.
NatWest Group Plc has upgraded its outlook for the year following a third-quarter earnings report that exceeded expectations. The bank now anticipates a return on tangible equity exceeding 15%, up from 14%, and has raised its revenue forecast to £14.4 billion ($18.7 billion), an increase from £14 billion.
NatWest Group plc
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ubs group aims for full ownership of china securities venture
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