09:21 AM EST, 11/26/2024 (MT Newswires) -- (Updates with UBS comment in the third paragraph.)

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 increased its stake in UBS Securities, its securities joint venture in China, to 67% in 2022," a UBS spokesperson said in an emailed statement. "As indicated earlier, the process for UBS to increase its stake in UBS Securities to 100% is in progress."

(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.)