Credit Suisse to Buy Out China Partner for $160 Million

The deal would make Credit Suisse the latest global bank to control 100% of its onshore securities venture in China

(Bloomberg) — Credit Suisse Group AG’s Chinese partner agreed to sell its remaining stake in a local joint venture for 1.14 billion yuan ($160 million), the Swiss financial giant said, paving the way for it to take full control of the onshore securities operation.

Founder Securities plans to dispose of its entire 49% stake in Credit Suisse Securities (China), according to a Shanghai stock exchange statement Thursday. The companies need to notify China’s securities regulator and the Swiss Financial Market Supervisory Authority on the planned transaction.