Credit Suisse receives regulatory approval to become a majority shareholder in its China securities joint venture

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Credit Suisse receives regulatory approval to become a majority shareholder in its China securities joint venture

Credit Suisse is pleased to announce that it has received approval from the China Securities Regulatory Commission (CSRC) to become a majority shareholder in its securities joint venture, Credit Suisse Founder Securities Limited (CSFS), marking a significant milestone in the bank’s China strategy.

Hong Kong
17.04.2020

Yukmin Hui
Corporate Communications
Tel: +852 2101 6041
yukmin.hui@credit-suisse.com

Sebastian Kistner
Corporate Communications
Tel: +41 844 33 88 44
media.relations@credit-suisse.com

Michele Cubic
Investor Relations
Tel: +1 212 325 2000
investor.relations@credit-suisse.com

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Credit Suisse will work closely with Founder Securities Co. Ltd. (Founder Securities) to make the necessary arrangements to complete the planned capital injection and related procedures. This injection will see Credit Suisse’s shareholding in CSFS increase from 33.3% to 51%.

Welcoming the CSRC’s approval, Thomas Gottstein, Chief Executive Officer of Credit Suisse Group AG, said: “This is a significant milestone in our China strategy that complements our franchise globally as well as in Asia Pacific. As a leading global wealth manager with strong investment banking capabilities, one of our long-term goals is to make a meaningful contribution to the development of China’s financial markets as the country continues to open up its domestic financial market.”

Helman Sitohang, Asia Pacific CEO of Credit Suisse, added: “Credit Suisse has a long-term commitment to China. We believe the securities entity will enable us to develop our onshore capabilities. We intend to continue to invest in this important market to bring our integrated capabilities and our comprehensive range of financial products and services to both domestic and international clients in China."

About CSFS

Established in 2008 and headquartered in Beijing, CSFS provides a range of capital markets services to clients in the domestic China market, including sponsoring and underwriting A-shares, foreign investment shares and government and corporate bonds, as well as providing financial advisory services. Since October 2016, it has also operated a securities brokerage business in Shenzhen Qianhai and has continued to expand its trading and execution capabilities.

Credit Suisse in China

Credit Suisse’s journey in China began more than 60 years ago when it started a correspondent banking relationship with the Bank of China in the 1950s. Credit Suisse was the first Swiss bank to open a representative office in Beijing in 1985, and subsequently opened its Shanghai Bank Branch. Over the years, Credit Suisse has built a strong Greater China business, with a market-leading franchise across private banking, equities, and investment banking and capital markets.

Credit Suisse also has an asset management joint venture – ICBC Credit Suisse Asset Management Co. Ltd. – which is now among the largest in China, with total assets under management of nearly RMB 1.3 trillion (CHF 180 billion) as of the end of December 2019.

Credit Suisse AG

Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). Our strategy builds on Credit Suisse's core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. Credit Suisse employs approximately 47,860 people. The registered shares (CSGN) of Credit Suisse AG'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.

Cautionary statement regarding forward-looking information

This document contains statements that constitute forward-looking statements. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to the following:

our plans, targets or goals;
our future economic performance or prospects;
the potential effect on our future performance of certain contingencies; and
assumptions underlying any such statements.

Words such as “believes,” “anticipates,” “expects,” “intends” and “plans” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, targets, goals, expectations, estimates and intentions expressed in such forward-looking statements. These factors include:

the ability to maintain sufficient liquidity and access capital markets;
market volatility and interest rate fluctuations and developments affecting interest rate levels, including the persistence of a low or negative interest rate environment;
the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations, in particular the risk of continued slow economic recovery or downturn in the EU, the US or other developed countries or in emerging markets in 2020 and beyond;
the emergence of widespread health emergencies, infectious diseases or pandemics, such as COVID-19;
the direct and indirect impacts of deterioration or slow recovery in residential and commercial real estate markets;
adverse rating actions by credit rating agencies in respect of us, sovereign issuers, structured credit products or other credit-related exposures;
the ability to achieve our strategic goals, including those related to our targets, ambitions and financial goals;
the ability of counterparties to meet their obligations to us and the adequacy of our allowance for credit losses;
the effects of, and changes in, fiscal, monetary, exchange rate, trade and tax policies, as well as currency fluctuations;
political, social and environmental developments, including war, civil unrest or terrorist activity and climate change;
the ability to appropriately address social, environmental and sustainability concerns that may arise from our business activities;
the effects of, and the uncertainty arising from, the UK’s withdrawal from the EU;
the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations;
operational factors such as systems failure, human error, or the failure to implement procedures properly;
the risk of cyber attacks, information or security breaches or technology failures on our business or operations;
the adverse resolution of litigation, regulatory proceedings and other contingencies;
actions taken by regulators with respect to our business and practices and possible resulting changes to our business organization, practices and policies in countries in which we conduct our operations;
the effects of changes in laws, regulations or accounting or tax standards, policies or practices in countries in which we conduct our operations;
the expected discontinuation of LIBOR and other interbank offered rates and the transition to alternative reference rates;
the potential effects of changes in our legal entity structure;
competition or changes in our competitive position in geographic and business areas in which we conduct our operations;
the ability to retain and recruit qualified personnel;
the ability to maintain our reputation and promote our brand;
the ability to increase market share and control expenses;
technological changes instituted by us, our counterparties or competitors;
the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users;
acquisitions, including the ability to integrate acquired businesses successfully, and divestitures, including the ability to sell non-core assets; and
other unforeseen or unexpected events and our success at managing these and the risks involved in the foregoing.

We caution you that the foregoing list of important factors is not exclusive. When evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, including the information set forth “Risk factors” in I– Information on the company in our Annual Report 2019.

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