Credit Suisse has secured regulatory approval to set up a Chinese securities joint venture, a decision expected to herald a wave of foreign investment in the sector following a two-year ban. Over the weekend, Credit Suisse received clearance from the China Securities Regulatory Commission for an entity that will provide investment banking services to mainland clients. The vehicle, which is expected to begin operations later this year, will be 33.3% -owned by Credit Suisse, the maximum allowed, and the rest by its partner Founder Securities, a subsidiary of a mainland conglomerate. Only Goldman Sachs and UBS won approvals for mainland securities joint ventures before China stopped such deals, fearing foreign rivalry.

This entry was posted by Gwen Robinson on Monday, June 16th, 2008 at 5:30 and is filed under Capital markets. Tagged with credit suisse, Founder. Edit this entry.