May 07, 2024 05:37 AM

FINANCE

Citadel Securities Faces Rival Bid for Credit Suisse’s China Venture

By Yue Yue, Wang Juanjuan and Han Wei

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Credit Suisse Securities was put up for sale by UBS Group AG after it took control of Credit Suisse following the bank’s collapse last year

Credit Suisse Securities was put up for sale by UBS Group AG after it took control of Credit Suisse following the bank’s collapse last year

American market maker Citadel Securities LLC’s plan to take over Credit Suisse’s China joint venture is facing challenges with the emergence of a rival bidder with state backing.

Beijing State-owned Assets Management Co. Ltd. (BSAM), an investment vehicle wholly owned by the Beijing municipal government, has stepped into the bidding for Credit Suisse Securities (China) Ltd., potentially offering a more attractive proposal, Caixin has learned.

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