By Alun John and Shu Zhang
HONG KONG (Reuters) – UBS Group AG (S:UBSG) may have moved a step closer towards becoming the first foreign bank to hold majority ownership of its Chinese investment banking operations, after two of its joint venture partners said they had put their stakes up for sale.
UBS would own 51 percent of its joint venture, UBS Securities, if it purchases the holdings. That would make it the first global investment bank to secure majority ownership since a surprise decision by China late last year to open the sector to foreign control.
A UBS spokesman declined to comment.