UBS buys majority stake in China futures brokerage

Swiss bank UBS (UBS.NYSE) has bought a majority stake in Shanghai Pumin Futures Brokerage, The Wall Street Journal reported. It’s the latest Western bank to seek to tap into China’s burgeoning financial markets. UBS, one of biggest foreign investment banks in China, said it will hold a 95.42% stake in the company after injecting capital of US$15 million. JP Morgan Chase (JPM.NYSE) has operated a futures brokerage through JP Morgan Futures, which deals in commodity and financial futures. Royal Bank of Scotland Group (RBS.LON) has a stake in Galaxy Futures.