--UBS Group AG and China Life Insurance Group are in talks to launch an asset management joint venture in China, Reuters reports, citing two anonymous sources.

--The parties have signed a memorandum of understanding to set up the venture, in which the Swiss bank would hold a majority stake, according to the news outlet.

--The launch is subject to the approval of the China Banking and Insurance Regulatory Commission, Reuters reports.

Full story: https://reut.rs/3m9w4Ci

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

December 16, 2021 04:59 ET (09:59 GMT)

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