06:35 AM EST, 11/26/2024 (MT Newswires) -- UBS (UBS) is on track to fully acquire UBS Securities after its joint venture partner, Beijing State-owned Asset Management, or BSAM, decided to sell its 33% stake in the Beijing-based securities brokerage, Reuters reported Tuesday, citing a spokesperson for the bank.

UBS currently owns 67% of UBS Securities. The sale is valued at 1.5 billion yuan ($207.10 million), the report said.

UBS did not immediately respond to requests for comment from MT Newswires.

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