Swiss bank UBS said Tuesday it had "been granted preparatory approval" for its US$200 million bid for 20% plus management control of brokerage Beijing Securities. Approval comes after months of uncertainty as regulators baulked at the prospect of putting a domestic brokerage under foreign control for the first time. Progress has also been derailed by vocal opposition from left-wing critics of strategic investment in sensitive sectors of the Chinese economy. The stumbling point in the UBS negotiations has been how to achieve management control while holding a minority stake. According to a Financial Times report, the two sides have agreed on an 11-person board for Beijing Securities, four members being nominated by UBS and two by a consortium investing alongside the bank.