UBS has appointed two senior bankers in China and upped its stake in the mainland Chinese securities joint venture that bears its name, the Swiss bank said on Monday.
UBS said it completed the purchase of a 4.99% stake in UBS Securities from the International Finance Corporation, the private sector arm of the World Bank. The transaction, which saw UBS's stake in the JV rise to 25% from 20%, hasn’t been publicly announced but the bank confirmed the deal when reached by FinanceAsia on Monday evening.
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