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UBS AG, the leading arranger of Chinese overseas stock sales, won the right to buy out its partners in the venture when the country's law permits it.

The bank, which will initially own 20 percent of the UBS Securities Co venture, has signed a written agreement stating that the five other shareholders are willing to sell their stakes, Bloomberg said, citing two sources who declined to be named.

However, it is unlikely China will allow overseas investors to wholly own its domestic brokerages in the medium term. There will most likely be a gradual opening up enabling UBS AG to buy up to 49 percent within the next five years, said Liu Feng, an analyst at Guangzhou-based Guangdong Securities Ltd.

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