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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.

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.