At first glance, UBS’s decision to sell a 36.01% stake in Credit Suisse Securities (China) for $91.4 million to Beijing State-owned Assets Management (BSAM) rather than to Ken Griffin’s Citadel Securities, is a blow to the latter’s ambitions in Asia’s largest economy.
UBS had no choice but to sell. Its acquisition of Swiss rival Credit Suisse last year left it with majority shareholdings in two mainland brokerages – an untenable situation under Chinese law. It holds a 67% stake in UBS Securities and held a 51% stake in CSS (China).
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