Credit Suisse seeks full stake in China securities venture
Credit Suisse is planning to raise its China securities joint venture stake to 100 per cent and boost its market share after receiving approval to take a majority hold.
The bank also wants to recruit more workers and invest in the country as its most prominent business growth opportunity. After Beijing scrambled to open its financial market to foreign investors, the country has grown in importance for the bank and other international lenders.
After acquiring 51 per cent control of its securities joint venture in June and naming Janice Hu as its chairwoman, Credit Suisse plans to assume full ownership from Founder Securities as it continues to build out its private and investment banking arms.
Whilst it does not break down its business by individual sectors, Asia Pacific accounted for approximately one-fifth of its overall pre-tax revenue in 2019, with Greater China as the region’s most significant market.