瑞银考虑瑞信中国与中国政府进行股权互换—报告

UBS Group (NYSE:UBS) is in talks to gain full ownership of its China platform by exchanging its stake in Credit Suisse's onshore securities venture with a Beijing government investment fund, according to a media report.

The Swiss lender is proposing to acquire the 33% stake held by Beijing State-Owned Assets Management Co. in their joint venture, UBS Securities Co., Bloomberg reported late Monday, citing people familiar with the matter. In exchange, UBS (UBS) will sell part or all of its 51% ownership in Credit Suisse Securities (China) to the Beijing entity, the people said.

That proposal puts the Chinese entity in competition with Ken Griffin's Citadel Securities LLC and Jack Ma's Ant Group for the stake in the Credit Suisse joint venture.

UBS put the Credit Suisse venture on the market after it took control of its smaller Swiss competitor last year. Under Chinese law, a foreign shareholder can't hold majority ownership in two domestic brokerages at the same time. UBS has controlled 67% of its own UBS Securities since 2022.

UBS had been seeking ~2B yuan ($278M) for the Credit Suisse China venture, including the stake held by its local partner, Bloomberg said. In late December, Citadel Securities put in a bid of ~1.5B-2B yuan, lower than an offer by Ant Group, Bloomberg reported.