Credit Suisse Founder Securities (CSFS), a Sino-Foreign JV securities company set up by Founder Securities and Credit Suisse in China, has secured approval from the China Securities Regulatory Commission to provide securities brokerage services in Shenzhen Qianhai.
The permit will enable CSFS to expand its business scope to conduct securities brokerage in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone.
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The joint venture is scheduled to begin offering securities brokerage services in early 2016.
The business was previously offering capital markets activities including sponsoring and underwriting of A-shares, foreign investment shares, government and corporate bonds.
Credit Suisse CEO of Greater China Neil Harvey said: "We are delighted that CSFS has received regulatory approvals to expand into securities brokerage in Qianhai. Growth in China remains a strategic priority for the bank and we are committed to building out overall presence in China."
Credit Suisse vice chairman, Greater China and head of Greater China equities Nicole Yuen said: "Through our securities joint venture, , Credit Suisse now joins the rank of a small select group of international banks which can provide onshore brokerage services to QFIIs, RQFIIs as well as mainland investors.
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By GlobalData"We look forward to the opportunity to participate in the domestic secondary market and contribute more directly to the development of China’s capital markets."
The Swiss-lender has recently unveiled plans to double pre-tax income and client assets under management (AuM) in the region by the end of 2018.
The company has also hired David Liu as head of fixed income structuring for China, Global markets.
