China is allowing Switzerland’s UBS to become the first foreign bank to take control over a local securities business as Wall Street firms wait yet for further access.

The Chinese securities regulator said late Friday Beijing time that it would let UBS increase its stake in Beijing-based UBS to 51%. UBS, which currently holds almost 25% in the local venture, said in a statement that it would acquire additional stakes from state-owned asset manager China Guodian Capital Holdings, and state-owned grain trader Cofco Group.