US-based Citadel Securities has reportedly made a bid for Credit Suisse’s securities venture in mainland China, as UBS looks to offload the business.
Citadel Securities made a non-binding offer for Credit Suisse’s securities venture in China in December, according to a «Bloomberg» report citing unnamed sources.
A bid of 1.5 billion ($211 million) to 2 billion yuan was made for the business, which has approximately 1 billion yuan in asset value. Credit Suisse itself has been seeking a price of around 2 billion yuan.
Only One Global Bidder
Citadel Securities, which was founded by billionaire investor Ken Griffin, is believed to be the only global bidder for the venture. Warburg Pincus previously considered a purchase but decided against proceeding after being unable to meet the set floor price. More than half a dozen potential buyers expressed interest with at least one Chinese firm also making a bid.
Following the UBS takeover, Credit Suisse’s China securities venture needs to be offloaded due to local rules that don’t allow ownership of two licenses in the same business.
