Credit Suisse has concluded the deal to acquire a majority stake in its China securities joint venture (JV) and named Janice Hu as the chairwoman of the JV.
In April 2020, the bank secured the nod of the China Securities Regulatory Commission (CSRC) to raise its holding in its China JV Credit Suisse Founder Securities (CSFS) to 51% from 33.3%.
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Hu will support Credit Suisse’s China onshore strategy and business plans of CSFS.
She has been with Credit Suisse for almost two decades. At present, she is vice-chairwoman for China at Credit Suisse and sits on the board of CSFS.
In the new role, she will be tasked with strengthening the coverage efforts of CSFS in China.
Her priority areas include the bank’s most important entrepreneur and private sector corporate clients, along with relationships with government agencies and regulators.
Credit Suisse also said that it will continue investing in the Chinese market and deliver advisory and financial products in the country.
CSFS supports sponsoring and underwriting of A-shares, foreign investment shares and government and corporate bonds. It also offers financial advisory services.
Credit Suisse’s controlling ownership in its China JV is the result of the country’s liberalisation of the financial sector to increase competition.
In 2018, UBS became the first foreign bank to secure approval for a controlling stake in its China JV.
JPMorgan, Goldman Sachs, and Morgan Stanley also received clearance for the same recently.
