Credit Suisse seeking buyers for China securities brokerage
Credit Suisse and a joint venture partner are seeking buyers for their China securities brokerage business due to the Swiss bank’s takeover by rival UBS, said two people with direct knowledge of the matter.Citi, whose CEO Jane Fraser was in China this week, is setting up a securities brokerage in China. It had hoped to fast-track development via an acquisition but decided to stick to its original plan to grow the business organically, said one of the people.
Credit Suisse owns 51% of loss-making CSS and struck a deal to buy out its partner Founder Securities last year. That transaction has yet to receive Chinese regulatory approval.UBS and a spokesperson representing both Credit Suisse and CSS declined to comment. Citi declined to comment. CSS was established in 2008 in Beijing with Credit Suisse initially owning 33.3% before raising its stake to 51% in 2020. In addition to brokering, it is licenced to conduct underwriting, sponsoring, proprietary trading and to act as an investment consultancy.
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