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Credit Suisse gets permit for China securities JV

By Bi Xiaoning (chinadaily.com.cn)
Updated: 2008-12-30 15:19

Credit Suisse Group, the second-largest Swiss bank, said it has received a business permit allowing its China investment banking venture with the country's Founder Securities Co to start operation.

The joint venture, Credit Suisse Founder Securities Ltd, is 33.3 percent owned by Credit Suisse and intends to focus initially on the sponsoring and underwriting of A shares, as well as government and corporate bonds in China.

It was announced in June 2008 that the China Securities Regulatory Commission (CSRC) had given its approval to establish this joint venture. It was the first approval that the CSRC had granted since the new regulations related to the establishment of Sino-foreign securities companies were announced in December 2007.

Lei Jie, chairman of Founder Securities, has been appointed chairman of the Beijing-based joint venture, with Neil Ge as its chief executive officer. Previously, Ge was the managing director at Credit Suisse's Investment Bank Shanghai Representative Office.