UBS receives regulatory approval for changing its shareholding in Credit Suisse Securities in China

Beijing, 12th March 2025 – UBS announces that the firm has received the approval from the China Securities Regulatory Commission (CSRC) to retain a 14.99% stake in Credit Suisse Securities (China) Limited (CSS), while selling a 36.01% stake to Beijing State-owned Assets Management (BSAM)*. CSS, a securities joint venture in China, was formed in 2008 and since June 2020, Credit Suisse AG has held a 51% shareholding. Credit Suisse AG has been part of the UBS group since June 2023.

Iqbal Khan, President Asia Pacific and Co-President Global Wealth Management, UBS said, “Asia Pacific is central to our strategic ambitions and China is an important market here. This transaction helps optimize the strategic set-up of our onshore platforms in China and we are pleased to continue our collaboration with our 20-year business partner, BSAM.”

Janice Hu, China Country Head, UBS said, “We are pleased to cross this milestone in the UBS-Credit Suisse integration journey in China and would like to offer special thanks to our regulators. UBS has had a longstanding presence in China for over 35 years. We will continue to invest in China and broaden our leadership position in the Investment Bank while expanding our Wealth Management and Asset Management businesses.”

^*In June 2024, UBS AG and Founder Securities Co., Ltd (Founder Securities) entered into a tri-party agreement with BSAM for UBS AG and Founder Securities to sell 36.01% and 49% stakes respectively in CSS to BSAM. BSAM has also received the CSRC approval to become a new shareholder of CSS holding a total of 85.01% stake.

About UBS
UBS is a leading and truly global wealth manager and the leading universal bank in Switzerland. It also provides diversified asset management solutions and focused investment banking capabilities. With the acquisition of Credit Suisse, UBS manages US$6.1 trillion of invested assets as per fourth quarter 2024. UBS helps clients achieve their financial goals through personalized advice, solutions, and products. Headquartered in Zurich, Switzerland, the firm is operating in more than 50 markets around the globe. UBS Group shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).

About Beijing State-owned Assets Management Co., Ltd. (BSAM)
BSAM was established following the reform of Beijing's state-owned asset management system. The enterprise’s main function is to manage and operate state-owned assets to ensure the preservation and enhancement of its value during operation. Since its establishment, BSAM has forged ahead in allocating resources to serve the development of the capital, investment and financing of major industry projects, and management and operation of important assets. BSAM has four major business sectors including financial services; environmental protection; park operation, information services and digital industry; and culture and sports. It is currently a state-owned investment holding group valued at RMB100 billion with core competitiveness. Its financial services business covers banking, securities, funds, property rights transactions, management of non-performing assets, guarantees and re-guarantees, etc. It is an important force to promote the high-quality financial development of the capital.