07:57 AM EDT, 04/09/2024 (MT Newswires) -- UBS (UBS) is in talks with a Chinese sovereign wealth fund to attain full ownership of its China operations in exchange for assets it inherited in its takeover of Credit Suisse, Bloomberg reported Tuesday, citing people familiar with the matter.

The Swiss bank wants to buy the 33% stake in UBS Securities' China branch owned by Beijing State-Owned Assets Management in exchange for part of or UBS' entire 51% stake in Credit Suisse's Chinese securities business, Bloomberg reported its sources as saying.

The China assets of Credit Suisse, which collapsed in 2022 and was bought by UBS in a state-backed rescue, are also sought by Ant Group and Citadel Securities, Bloomberg reported.

UBS did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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