UBS in advanced talks to sell Credit Suisse’s China securities unit, FT says

UBS (UBS) is in advanced talks to sell Credit Suisse’s (CS) China securities unit to a Beijing backed fund, Kaye Wiggins of The Financial Times reports. UBS is in talks with Beijing State-Owned Assets Management, its mainland securities joint venture partner, and intends to only keep a minority stake in Credit Suisse Securities, China, according to two people with knowledge of the matter. In the intended second step of the deal, UBS would buy the Beijing fund’s 33% stake in UBS Securities.