China’s Ant Group is bidding against Citadel Securities for Credit Suisse’s Chinese securities unit, a move that will test Beijing’s appetite for letting the Jack Ma-founded company expand again after a long-running crackdown, reports the Financial Times. Ant’s bid for Credit Suisse Securities (China) Ltd, which includes investment banking and brokerage services in mainland China, could complicate UBS’s plans to dispose of its stake in the unit. A deal would need regulatory approval and Ant has been in regulators’ crosshairs in recent years.
UBS put the business up for sale after taking control of Credit Suisse when it collapsed last year. It already has a securities unit in mainland China and cannot hold two licences.
Rival bidder Citadel Securities, the Miami-headquartered market maker founded by billionaire Ken Griffin, has offered about RMB 2 billion ($278 million) for the unit as it plans to expand in China, the Financial Times reported in January. Details of Ant’s bid are not clear.