ZURICH, April 15 () - Credit Suisse has agreed to take majority control of Chinese securities venture Credit Suisse Founder Securities Ltd (CSFS), boosting its stake to 51 percent from 33.3 percent via a capital injection, the Swiss bank said on Monday.
The deal with partner Founder Securities Co Ltd , subject to regulatory approval, will see Founder Securities' stake fall to 49 percent.
Swiss peer UBS Group became the first foreign bank to hold a majority stake in a Chinese securities joint venture when China's securities regulator gave the go-ahead in November under new rules announced by Beijing in 2017.
Established in 2008 and headquartered in Beijing, CSFS provides capital markets services to clients in the domestic China market, including sponsoring and underwriting A-shares, foreign investment shares, and government and corporate bonds. It also provides financial advisory services, Credit Suisse said.
Since October 2016, it has also operated a securities brokerage business in Shenzhen Qianhai.
Credit Suisse has been present in China for more than 30 years. Its franchise includes equities, investment banking and capital markets, and private banking. It also has an asset management joint venture -- ICBC Credit Suisse Asset Management Co Ltd -- with total assets under management of nearly RMB 1.3 trillion as of the end of 2018.
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