Credit Suisse Group AG said its partner in China agreed to sell its remaining stake in a local joint venture for RMB 1.14 billion ($160 million), paving the way for the Swiss firm to take full control of the onshore securities operation, reports Bloomberg.
Founder Securities plans to dispose of its entire 49% stake in Credit Suisse Securities (China), according to a Shanghai stock exchange statement on Thursday. The firms need to notify China’s securities regulator and the Swiss Financial Market Supervisory Authority on the planned transaction.
The deal would make Credit Suisse the latest global bank to control 100% of its onshore securities venture, after winning approval for majority control more than two years ago. The bank is continuing to invest in China even as headwinds mount amid slowing growth and rising political tension. More broadly, the bank is also reeling from an exodus of bankers in the US and Asia and a series of scandals.