Citadel Securities Bids for Credit Suisse’s China Venture

What’s new: Citadel Securities LLC has made a non-binding offer to pay $1.5 billion yuan to 2 billion yuan ($210 million to $280 million) for Credit Suisse’s Chinese securities venture, Bloomberg reported.

The business, Credit Suisse Securities (China) Ltd., was put up for sale by UBS Group AG after it took control of Credit Suisse when the bank collapsed last year. UBS has its own securities venture in the Chinese mainland and cannot hold two licenses according to Chinese rules.