Credit Suisse to buy stake in CCB

Credit Suisse Group will take a US$500 million stake in China Construction Bank as the Chinese lender prepares for an eagerly-awaited IPO next month, the Standard of Hong Kong reported, citing unnamed sources close to the deal. Credit Suisse will buy the CCB stake from state-owned Central Huijin Investment, which currently has a 71.13% holding. The Zurich-based bank's subsidiary, Credit Suisse First Boston, will join China International Capital Corp and Morgan Stanley as an underwriter of the deal.