UBS Group (UBS) Plans to Divest Credit Suisse's China Unit [Yahoo! Finance]
Citigroup, Inc. (C)
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Source: Yahoo! Finance
This news was reported by Bloomberg, citing people familiar with the matter. Beijing State-Owned Assets Management Co. (“BSAM”), Credit Suisse's Chinese partner - Founder Securities, and UBS Group are now having exclusive talks over the acquisition. By the end of this month, a decision and agreement with the buyer might be achieved. As part of the proposed two-step transaction, the Zurich-based lender intends to sell the majority of its interest in Credit Suisse Securities (China) Ltd. to the Beijing city government, which will eventually own 85% of the company. The second part of the transaction would include UBS Group acquiring BSAM's 33% stake in UBS Securities Co. to achieve complete ownership. Credit Suisse venture was up for sale by UBS as the company took control of its smaller Swiss rival. However, a foreign shareholder is prohibited by Chinese regulations from simultaneously owning the majority of shares in two domestic brokerages. Apart from Citadel Securities, oth
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C
Earnings
- 4/12/24 - Beat
C
Sec Filings
- 6/18/24 - Form FWP
- 6/18/24 - Form 424B2
- 6/18/24 - Form 424B2
- C's page on the SEC website