Credit Suisse Group has obtained licences allowing it to launch its wealth management business in China in the first half of this year as well as expand its securities trading and research activities onshore, reports the South China Morning Post. The bank received its investment consultancy, proprietary trading and nationwide brokerage licences, according to a company internal memo. A spokeswoman for the bank confirmed the contents of the memo.
The approvals mark progress for the embattled Swiss lender, which last year faced delays in getting approvals for some of its China operations after a flurry of senior management departures.
In preparation for the launch of its wealth management business in China, Credit Suisse plans to double the number of relationship managers onshore, according to the memo.
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