© Reuters. FILE PHOTO: The emblem of Swiss financial institution UBS is seen at a department workplace in Zurich, Switzerland, June 22, 2020. REUTERS/Arnd Wiegmann
(Reuters) -Switzerland’s greatest financial institution UBS Group AG (SIX:) is trying to apply for a mutual fund license in China, the Wall Avenue Journal reported on Thursday, citing folks aware of the matter.
The Swiss financial institution is in casual talks with the China Securities Regulatory Fee (CSRC) about its intention to use, the report stated.
UBS plans to submit the appliance as quickly as attainable, the report stated with out mentioning a timeline.
The corporate declined to remark, whereas CSRC didn’t instantly reply to Reuters’ request for remark.
UBS was the primary international financial institution to take a majority stake in a Chinese language securities three way partnership in 2018, which might enable the Swiss firm to develop its enterprise on the planet’s second-largest financial system.
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