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UBS has received approval from the China Securities Regulatory Commission to become the sole shareholder of UBS Securities by acquiring the remaining 33% stake from Beijing State-owned Assets Management Co, raising its ownership to 100%. This move marks a significant milestone in UBS's strategy to expand its investment banking and wealth management services in China, allowing the firm to better engage with the country's financial market and wealth creation opportunities.
UBS faces challenges in China due to Xi Jinping's policies promoting "universal prosperity," which discourage high executive salaries and wealth concentration. The sluggish economy, exacerbated by a real estate crisis, has led wealthy clients to shift assets abroad, complicating UBS's operations. The bank hopes for a gradual economic stimulus from the Chinese government to stabilize the market and boost private consumption.
UBS is navigating challenges in China, led by Janice Hu, the new Country Head, as the bank grapples with a sluggish economy and seeks support from the Chinese state. The leadership includes a descendant of a former Communist Party General Secretary, highlighting the complexities of operating under Xi Jinping's policies.
Janice Hu
People
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ubs secures full ownership of china securities joint venture
14:12 28.03.2025
UBS Navigates Challenges in China's Evolving Political and Economic Landscape
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06:30 18.12.2024
ubs navigates challenges in china amid sluggish economy and political landscape
06:30 18.12.2024
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