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Credit Suisse JV full-fledged broker
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Credit Suisse Group said yesterday that its securities joint venture will be able to conduct brokerage business in China.
The joint venture, Credit Suisse Founder Securities Ltd, has been approved by the China Securities Regulatory Commission to offer brokerage services in Qianhai, the special economic zone in Shenzhen, the investment bank said in a statement yesterday.
The venture is expected to start offering services early next year after it completes the setting up of its trading outlet in Qianhai, according to the statement.
“Through our securities joint venture, Credit Suisse now joins the rank of a small group of select international banks which can provide onshore brokerage services to Qualified Foreign Institutional Investors, Renminbi Qualified Foreign Institutional Investors as well as mainland investors,” said Nicole Yuen, vice chairman of China and head of China Equities at Credit Suisse.
Established in 2008, the joint venture is 33.3 percent owned by Credit Suisse, with the remainder held by its partner Founder Securities.
Prior to the approval, the company’s business was limited to offering capital market services such as sponsoring and underwriting of stocks and bonds.
The venture was the first Sino-foreign company to get the brokerage business license after China reopened its securities industry to overseas companies in 2007.
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