Global banks like UBS have long been prevented from independently operating in China by laws limiting foreign ownership of local financial firms. Photo: AFP

China allows UBS to take controlling stake in local securities firm

  • Swiss giant is first foreign bank approved to do so since Beijing relaxed rules on financial industry in move to open up economy
Topic |   China economy

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Global banks like UBS have long been prevented from independently operating in China by laws limiting foreign ownership of local financial firms. Photo: AFP
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