Swiss multinational UBS will become the first foreign financial institution in China that owns a controlling stake in its Chinese securities joint-venture, The Paper reported.

The China Securities Regulatory Commission has given the green light to UBS AG to increase its holdings in its mainland joint venture, UBS Securities, by acquiring 12.01% and 14% equities in the latter held by China Guodian Capital Holdings Ltd. and COFCO Group respectively.

After the acquisition, UBS AG’s shareholder ratio in UBS Securities will increase from 24.99% to 51%. The rest of the shares will be held by Beijing Guoxiang Asset Management Co. Ltd. (33%), Guangdong Provincial Transportation Group (14.01%) and China Guodian Capital Holdings Ltd. (1.99%).

“Expanding our business in China is our strategic focus. The further opening of China’s financial market is a major opportunity for UBS’s business in China, including its wealth management, investment banking and asset management,” said Sergio Ermotti, CEO of UBS AG.