Credit Suisse is reportedly seeking buyers for its brokerage unit in mainland China due to regulatory restrictions arising from its integration with UBS.
Credit Suisse and a joint venture partner are seeking buyers for their securities brokerage unit in China, according to a «Reuters» report citing unnamed sources.
The need to offload the business is due to Chinese securities regulations which do not allow one entity to hold two majority-owned brokerage licenses.
Credit Suisse owns 51 percent of Credit Suisse Securities China (CSS) and it had secured a deal to buy out its partner, Founder Securities, in 2022. At one point, Citigroup had shown interest in acquiring CSS, the report added, but decided in the end to set up its own onshore brokerage business.
