UBS received the approval from the China Securities Regulatory Commission to increase its shareholding in its securities joint venture in China, UBS Securities from 24.99% to 51%. UBS is acquiring from China Guodian Capital Holdings and COFCO their 12.01% and 14% stakes in UBS Securities respectively. Upon completing the transaction, UBS will become the first foreign bank to increase its stake to gain majority control of a securities joint venture in China. Sergio P. Ermotti, UBS Group CEO, said, "Growing our China business is key element of our strategy. The further opening up of China's financial sector represents great opportunities for our wealth management, investment bank and asset management businesses. Since establishing our onshore presence in 1989, we have been at the forefront of foreign investment in China. This step underlines our long-term commitment to this market and we will continue to pursue opportunities."