-
Important news
-
News
-
Shenzhen
-
China
-
World
-
Opinion
-
Sports
-
Kaleidoscope
-
Photo Highlights
-
Business
-
Markets
-
Business/Markets
-
World Economy
-
Speak Shenzhen
-
Leisure Highlights
-
Culture
-
Travel
-
Entertainment
-
Digital Paper
-
In depth
-
Weekend
-
Lifestyle
-
Diversions
-
Movies
-
Hotels
-
Special Report
-
Yes Teens
-
News Picks
-
Tech and Science
-
Glamour
-
Campus
-
Budding Writers
-
Fun
-
Futian Today
-
Advertorial
-
CHTF Special
-
FOCUS
-
Guide
-
Nanshan
-
Hit Bravo
-
People
-
Person of the week
-
Majors Forum
-
Shopping
-
Investment
-
Tech and Vogue
-
Junior Journalist Program
-
Currency Focus
-
Food Drink
-
Restaurants
-
Yearend Review
-
QINGDAO TODAY
在线翻译:
szdaily -> Markets -> 
Credit Suisse to take control of securities venture
    2019-04-18  08:53    Shenzhen Daily

CREDIT Suisse has agreed to take majority control of Chinese securities venture Credit Suisse Founder Securities Ltd. (CSFS), boosting its stake to 51 percent from 33.3 percent via a capital injection.

Under the deal, the stake held by Credit Suisse’s partner Founder Securities Co. will fall to 49 percent. Credit Suisse did not say earlier this week how much capital it planned to inject should regulators approve the deal.

China now allows foreign banks to hold controlling stakes in securities joint ventures as a major part of the country’s pledge to ease ownership curbs, especially in the trillion-dollar financial sector.

Swiss rival UBS Group became the first foreign bank to hold a majority stake in a Chinese securities venture when China’s securities regulator gave the go-ahead in November under new rules announced by Chinese regulators in 2017.

JP Morgan and Nomura also won Chinese regulatory approval last month to set up majority-owned brokerage joint ventures.

The China Securities Regulatory Commission said it would continue to approve foreign brokerage joint ventures efficiently.

The biggest global investment banks, which struggled to build their China businesses under rules that previously limited them to 49 percent ownership, had long sought the lifting of such limits on joint ventures.

Established in 2008 and headquartered in Beijing, CSFS provides capital markets services in the Chinese domestic market, including sponsoring and underwriting A shares, foreign investment shares, and government and corporate bonds. It also provides financial advisory services, Credit Suisse said. (SD-Agencies)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn