UBS to invest in Bank of China as companies agree joint venture
Swiss financial services group UBS has agreed to invest half a billion dollars in Bank of China as part of a strategic co-operation with the major Chinese outfit to offer investment banking and securities products in the country.
The two parties have agreed to be preferred partners in various investment banking and related securities business areas in China and for Chinese clients. In addition, the two companies will cooperate in operational matters relating to these business areas. Commenting on the deal, UBS CEO Peter Wuffli said, We regard this agreement as a natural development of our long-term relationship with Bank of China. The combination of Bank of China's brand, distribution and customer base with UBS's products, services and experience will be powerful. The Financial Times reports that the investment comes as western finance organizations jostle to win an advisory mandate for Bank of China's $3 billion to $4 billion overseas listing. Even without this latest investment, UBS is considered by many to be the front runner for the business because of its long-standing association with the Chinese lender.
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