UBS has filed an application to China’s securities regulator to grant it a majority stake in its Chinese joint venture, the company said on Thursday.
The Swiss bank would be the first company to take advantage of the new rules introduced last week that allow foreign firms to apply for a 51% cap on ownership in China-based securities companies. Other big names such as Goldman Sachs have also expressed interest in applying.
UBS currently has management control of the joint venture, UBS Securities, but only owns 25% of the business, according to the Financial Times.