20 January 2019

UBS buys Shanghai futures brokerage, WSJ says

Swiss bank UBS A.G. has bought a majority stake in a Shanghai-based futures brokerage, tapping into China’s burgeoning financial markets, the Wall Street Journal reported Monday. UBS, one of the biggest foreign investment banks in the country, will hold a 95.42 percent stake in Shanghai Pumin Futures Brokerage Co. after injecting 90 million yuan (US$15 million) into the company. The deal puts UBS in the league of  J.P. Morgan Chase & Co. which has operated a futures brokerage through J.P. Morgan Futures, Royal Bank of Scotland Group Plc. which has a stake in Galaxy Futures and CITIC Newedge Futures Co., a joint venture between CITIC Group and Newedge Group.

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