Credit Suisse wants whole stake in China securities venture

China has become a significant market for the bank.

Credit Suisse is looking to raise its China securities joint venture stake to 100% and increase its market share after getting the nod to take a majority hold, reports Reuters.

The bank also wants to hire more staff and invest in the country as its most significant business opportunity. The country has gained in relevance for the bank and other international lenders after Beijing rushed to open its financial market to foreign investors.

After gaining 51% control of its securities joint venture in June and naming Janice Hu as chairwoman, Credit Suisse aims to take on full ownership from Founder Securities as it seeks to build out its private and investment banking arms.

Whilst it does not break down its business by individual markets, Asia Pacific accounted for roughly one-fifth of its overall pre-tax income in 2019, with Greater China as its most important market in the region.

Here’s more from Reuters.

Photo courtesy of Wikimedia Commons