,HONG KONG, March 12 - UBS Group is movingto increase ownership in its Chinese securities joint venture to67%, as two local partners put their stakes up for sale, anexchange filing shows. Guangdong Provincial Communication Group and China EnergyInvestment Corp, which currently owns 14.01% and 1.99% of thejoint venture, will auction their entire holdings, filings onthe China Beijing Equity Exchanges showed. The exchange did not name the potential bidders, but UBSsaid the auctions will result in UBS holding 67% of the JV ifthe deal is done. "China is a key market for UBS. The further opening up ofChina's financial sector represents great opportunities for allof our China businesses, including wealth and asset management,and investment bank," UBS said in an emailed statement toReuters. "We are committed to the China market and will continue toinvest strategically. Our further stake interest in UBSSecurities demonstrates such commitment." UBS was the first bank to move to majority control of 51% inNovember 2018 after foreign banks were allowed to take largerstakes in their joint ventures. Majority or full ownership could make it easier for foreignbanks to expand their operations in the multi-trillion-dollarChinese financial sector. Goldman Sachs has applied for 100% ownership of itsoperations and JPMorgan owns 71% of its operations. REUTERS
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