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 individuals accustomed to the matter.
The Swiss financial institution is in casual talks with the China Securities Regulatory Fee (CSRC) about its intention to use, the report mentioned.
UBS plans to submit the applying as quickly as doable, the report mentioned 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 increase its enterprise on this planet’s second-largest economic system.
Reporting by Nilutpal Timsina in Bengaluru; Extra reporting by Maria Ponnezhath; Modifying by Sonia Cheema
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