The Swiss wealth manager is looking to cement control of a joint venture in China by next year. The move comes as Chinese officials gently lower barriers for foreign banks.

Zurich-based UBS plans to take advantage of China's softening of foreign firms by lifting its stake in a joint venture, UBS Securities China, to 100 percent, it said. The Swiss bank currently owns 50 percent of the venture. 

«The accelerated removal of the ownership caps for securities companies means that UBS is expected to be permitted to increase its stake in UBS Securities China from the current level of 51 percent to 100 percent by 2020,» the bank said during its quarterly result announcement. «The exact effective date remains to be clarified.»

In July, Chinese authorities announced the removal of foreign ownership limits for securities, insurance, and fund management companies next year. The curbs were lifted one year earlier than planned. UBS isn't alone in taking advantage of Chinese liberalization: U.S. giant Citi is reportedly setting up a wholly-owned onshore securities business.