Credit Suisse has obtained the regulatory approval to pick a majority stake in its China securities joint venture (JV).

The clearance from the China Securities Regulatory Commission (CSRC) raises the Swiss bank’s holding in Credit Suisse Founder Securities (CSFS) to 51% from 33.3%.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

CSFS supports sponsoring and underwriting of A-shares, foreign investment shares and government and corporate bonds. It also offers financial advisory services.

The JV was set up in 2008 and based in Beijing.

Credit Suisse Asia Pacific CEO Helman Sitohang highlighted the firm’s long-term commitment to China.

Sitohang stated: “We believe the securities entity will enable us to develop our onshore capabilities.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“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.”

Credit Suisse launched a representative office in Beijing in 1985, becoming the first Swiss bank to do so.  It later set up its Shanghai Bank Branch.

The Swiss bank also has an asset management JV in China. Operating as ICBC Credit Suisse Asset Management, the JV managed around CHF180bn in assets at the end of December 2019.

Credit Suisse is the latest bank to get controlling ownership of China JV after the country liberalised financial sector rules to boost competition.

In 2018, its rival UBS became the first foreign bank to get approval for a controlling interest in its China JV.

JPMorgan, Goldman Sachs, and Morgan Stanley also secured approval for the same recently.

Credit Suisse Group CEO Thomas Gottstein called the recent regulatory nod a “significant milestone” in its China strategy.