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Press Release
Credit Suisse Founder Securities Ltd Receives Business Permit from CSRC
Beijing, December 30, 2008 Credit Suisse and Founder Securities announced today that their securities joint venture in China has received the business permit from the China Securities Regulatory Commission ("CSRC") to commence providing investment banking services to clients in the domestic China market.
The joint venture, Credit Suisse Founder Securities Limited, is 33.3% owned by Credit Suisse, with the remainder held by its partner Founder Securities. The joint venture intends to focus on the sponsoring and underwriting of A-shares, as well as government and corporate bonds in China initially.
It was announced in June 2008 that the CSRC has given approval to establish this securities joint venture. It was the first approval that the CSRC has granted since the new regulations relating to the establishment of Sino-foreign securities companies were announced in December 2007.
Kai Nargolwala, Credit Suisse Chief Executive Officer in Asia Pacific, said: "China's domestic investment banking services market has long been a coveted crown jewel for many global banks looking to expand their footprint and reach in growing emerging markets. The investment case for China has not changed for us despite current market sentiment."
"The joint venture is entering the market at a crucial time, as China continues to see solid demand for corporate finance services and clients increasingly look to quality of advice. It has brought together one of the most professional and experienced teams in the market and is well positioned to be a leading player in the domestic capital markets," said Wei Xin, Chairman of Founder Group.
Lei Jie, Chairman of Founder Securities, has been appointed Chairman of the Beijing-based joint venture with Neil Ge as its Chief Executive Officer. Mr Ge was Managing Director at Credit Suisse's Investment Banking Shanghai Representative Office.
Enquiries:
- Josephine Lee, Corporate Communications Credit Suisse, Tel. +852 2101 6041
- Credit Suisse
- As one of the world's leading banks, Credit Suisse provides its clients with private banking, investment banking and asset management services worldwide. Credit Suisse offers advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as retail clients in Switzerland. Credit Suisse is active in over 50 countries and employs approximately 50,000 people. Credit Suisse is comprised of a number of legal entities around the world and is headquartered in Zurich. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
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In its Investment Banking business, Credit Suisse offers securities products and financial advisory services to users and suppliers of capital around the world. Operating in 57 locations across 30 countries, Credit Suisse is active across the full spectrum of financial services products including debt and equity underwriting, sales and trading, mergers and acquisitions, investment research, and correspondent and prime brokerage services.
