Credit Suisse’s China joint venture with Founder Securities has been granted approval to offer brokerage services in Shenzhen’s Qianhai economic zone, Bloomberg reported, citing a statement from the former. The boost to Credit Suisse Founder Securities comes after an earlier setback in which the venture’s former Chairman Lei Jie – also the former chairman of Founder Securities – went missing in January, later turning up after being released from police custody, according to a person familiar with the situation. Lei said on Tuesday that he was no longer involved with the joint venture and declined to comment further.
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