Credit Suisse: wins approval for majority stake in China

(CercleFinance.com) - Credit Suisse has received approval from China's stock market watchdog to become a majority shareholder in its Chinese securities joint venture, the Swiss private bank said on Friday.


The move will see the Zurich-based investment bank's stake in Credit Suisse Founder Securities Limited (CSFS) increase from 33.3% to 51%, the group said.

Created in 2008, CSFS offers capital markets services to Chinese clients, including sponsoring and underwriting foreign investment shares and government and corporate bonds, as well as providing financial advisory services.

Credit Suisse also has an asset management joint venture in China with total assets under management of nearly 180 billion Swiss francs (about 170 billion euros).

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