UBS in talks to buy majority stake in China securities JV: CEO

Hong Kong

UBS Group AG is in discussions to acquire a majority stake in its Chinese securities joint venture, chief executive officer Sergio Ermotti said, as global banks rush to take advantage of Beijing's pledge to further open its financial markets.

UBS has started talks with its local partners on taking a 51 per cent stake in the venture, Mr Ermotti said in an interview in Shanghai on Monday with Bloomberg Television's Tom Mackenzie.

He also said UBS is ahead of its plan to double headcount in China over a five-year period, saying the Zurich-base…