off-the-wire

UBS set to apply for China mutual fund license - WSJ

Kitco Media
By Reuters
Published:
Updated:
Reuters

Feb 23 (Reuters) - Switzerland's biggest bank UBS Group AG (UBSG.S) is looking to apply for a mutual fund license in China, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

The Swiss bank is in informal talks with the China Securities Regulatory Commission (CSRC) about its intention to apply, the report said.

UBS plans to submit the application as soon as possible, the report said without mentioning a timeline.

The company declined to comment, while CSRC did not immediately respond to Reuters' request for comment.

UBS was the first foreign bank to take a majority stake in a Chinese securities joint venture in 2018, which would allow the Swiss company to expand its business in the world's second-largest economy.

Reporting by Nilutpal Timsina in Bengaluru; Additional reporting by Maria Ponnezhath; Editing by Sonia Cheema
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