(Reuters) – Switzerland’s biggest bank UBS Group AG is looking to apply for a mutual fund license in China, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
The Swiss bank is in informal talks with the China Securities Regulatory Commission (CSRC) about its intention to apply, the report said.
UBS and CSRC did not immediately respond to Reuters’ request for comment.
UBS was the first foreign bank to take a majority stake in a Chinese securities joint venture in 2018, which would allow the Swiss company to expand its business in the world’s second-largest economy.
The bank plans to submit the application as soon as possible, the report said without mentioning a timeline.
(Reporting by Nilutpal Timsina in Bengaluru; Additional reporting by Maria Ponnezhath;; Editing by Sonia Cheema)
