(Yicai Global) Nov. 21 -- Swiss investment bank and financial services provider UBS Group values its Chinese partners and is looking forward to working with them to grow the market, according to Chief Executive Sergio P. Ermotti.

"We don't want 100 percent of a smaller pie, but rather less than 100 percent of a bigger pie," Ermotti told Yicai Global in an interview at Bloomberg's New Economy Forum in Beijing.

China has liberalized foreign investment restrictions on securities companies and UBS Securities was the first to own a 51 percent controlling stake in a Chinese joint venture brokerage. As China gradually opens up its financial market, global players are looking at how big a share they can earn in this more open environment.

Full ownership is not necessary from the perspective of strengthening cooperation and finance, Ermotti noted, saying that the key is to gain a bigger slice together, which requires a consensus with partners on strategy, management, and operation. UBS' current partnership is very smooth, he added.

As China speeds up financial reforms, foreign firms do face many business challenges in the country and many are starting to pay more attention to the cost-benefit ratio. Opportunities in the brokerage arena have also become the focus of foreign investment institutions.

Ermotti believes that despite the challenges, China's capital market is growing faster from the long-term perspective. The internationalization of so-called A-shares, or mainland traded stocks, Shanghai's new Star Market and other boards have created growth opportunities for brokerages.

Ermotti stressed that everything is still in the early stages and the potential for future development is huge. He announced in 2016 that UBS' Chinese team would be expanded to better develop the market.

In addition to the mainland market, UBS also leads in cross-border business capability, playing a key role in the stock and bond-connect schemes. It hopes to help Chinese institutional investors expand overseas and play a bigger role in wealth management, such as wealth planning and inheritance for families and entrepreneurs, Ermotti said. In terms of asset management, UBS is looking to provide clients with more global asset allocation.

Editor: Chen Juan