Feb 23 (Reuters) – Switzerland’s largest financial institution UBS Group AG (UBSG.S) is seeking to apply for a mutual fund license in China, the Wall Road Journal reported on Thursday, citing folks acquainted with the matter.
The Swiss financial institution is in casual talks with the China Securities Regulatory Fee (CSRC) about its intention to use, the report stated.
UBS plans to submit the applying as quickly as attainable, the report stated with out mentioning a timeline.
The corporate declined to remark, whereas CSRC didn’t instantly reply to Reuters’ request for remark.
UBS was the primary international financial institution to take a majority stake in a Chinese language securities three way partnership in 2018, which might permit the Swiss firm to develop its enterprise on this planet’s second-largest financial system.
Reporting by Nilutpal Timsina in Bengaluru; Extra reporting by Maria Ponnezhath; Enhancing by Sonia Cheema
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