UBS Securities, the Chinese securities arm of UBS, has agreed to buy a 95.42% stake in Shanghai Pumin Futures Brokerage, making its foray into the growing Chinese financial services market.
As part of acquisition, UBS Securities will inject $14.8 million (CNY90 million) into the acquired firm.
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UBS Securities chairman David Li was quoted by the Wall Street Journal as saying that the company’s expansion into the futures-brokerage market has strong growth potential.
"We expect new futures products to be introduced to the market soon," Li added.
UBS Securities equities head Yang Xia was quoted by theasset.com as saying, "As a critical step to realizing this goal, we hope to make available a financial futures brokerage service to our clients in the future, and this complements our current offerings, including domestic equity advisory, QFII and RQFII brokerage, electronic trading strategy & execution and OTC derivative."
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