HONG KONG, Sept 25 Reuters DBS Group Chief Executive Piyush Gupta said on Wednesday it is in the process of increasing ownership in its China securities joint venture to 91 from 51.

The comments came a day after China introduced aggressive measures to prop up its ailing economy and capital markets.

The largest bank by assets in Singapore confirmed that it is the buyer of stakes up for sale by its Chinese joint venture partners, though the transaction is still pending regulatory approval.

The bank plans to maintain a 91 holding in the platform, as it sees its Chinese partners bringing value to the business, Gupta told reporters a briefing in Hong Kong.

DBS is the latest among a flurry of foreign banks such as J.P. Morgan and Morgan Stanley which have moved to raise stakes in securities joint ventures in China, taking advantage of the country39;s foreign ownership cap.

Four Chinese shareholders of DBS Securities China auctioned off a total of 40 of the joint venture in July, with an asking price of 408 million yuan 58.15 million, according to information from Shanghai United Assets and Equity Exchange.

There has not been update about buyers or stake transfers since.

The move to raise shares in the China unit came as a slowing economy and sluggish markets squeezed the profitability of securities companies operating in China.

However, stimulus measures announced by Beijing on Tuesday have boosted prospects for securities companies, with shares of securities brokerages…