BEIJINGHONG KONG, June 24 Reuters UBS is selling a partial stake in one of its securities joint ventures to Beijing Stateowned Asset ManagementBSAM, a key step for the Swiss bank as it consolidates China operations after its merger with Credit Suisse.

Its joint venture partner Founder Securities said in a filing on Monday that Founder will offload its entire holding of 49 in the joint venture, with UBS selling 36.01 of its 51 stake to BSAM.

1 7.2580 Chinese yuan renminbi

Reporting by Selena Li Editing by David Goodman

Source Reuters