11:41 AM EDT, 06/13/2024 (MT Newswires) -- (Updates to include additional details and requests for comment.)

UBS AG (UBS) has entered final talks with Beijing State-Owned Assets Management over the sale of Credit Suisse's China venture after talks with Citadel Securities stalled, Bloomberg reported Thursday, citing people familiar with the matter.

A final decision and agreement could be reached by the end of the month, the people reportedly told Bloomberg.

UBS first plans to sell most of its holding in Credit Suisse Securities China to the Beijing government and then buy Beijing's 33% stake in UBS Securities Co. to have full ownership, the report said.

UBS would still keep 15% of Credit Suisse Securities China and the Beijing city government would hold the rest after the deal, according to the report.

UBS, Citadel Securities, and Founder Securities, which currently has a 49% stake in Credit Suisse Securities China, didn't immediately respond to requests for comment from MT Newswires, while Beijing State-Owned Assets Management could not be reached 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.)

Price: 30.47, Change: -0.67, Percent Change: -2.15