UBS to sell partial stake in JV to Beijing state asset manager

UBS to sell partial stake in JV to Beijing state asset manager

FILE PHOTO: A logo of Swiss bank UBS is seen in Zurich, Switzerland March 29, 2023. REUTERS/Denis Balibouse/File Photo

UBS is selling a partial stake in one of its securities joint ventures to Beijing State-owned Asset Management (BSAM), a key step for the Swiss bank as it consolidates operations in China after its merger with Credit Suisse.