UBS weighs Credit Suisse China stake swap with Beijing government, Bloomberg News reports

UBS Group is in discussions to attain full ownership of its China platform by swapping its holding in Credit Suisse's onshore securities venture with a Beijing government investment fund, Bloomberg News reported on Monday.

The Zurich-based lender is proposing to buy the remaining 33% stake in UBS Securities from Beijing state-owned Assets Management, and in return, sell up to its entire 51% position in Credit Suisse Securities (China) as part of the transaction, the report said, citing people familiar with the matter.

UBS did not immediately respond to Reuters' request for a comment.