Credit Suisse Group is considering an option to separate its investment banking unit in China as part of its initiative to reorganise the CS First Boston brand, Bloomberg has reported citing people privy to the development.

The move could see the Swiss bank retaining the securities and wealth unit in mainland China as well as shifting its Hong Kong team that oversees offshore deals to CS First Boston, the unnamed people told the publication.

Credit Suisse expects to escape the process of renewing a license application for the newly organised First Boston unit by keeping the domestic business within its fold.

The bank, which picked a majority stake in its Chinese joint venture around three years back, is yet to receive final approval to boost its presence in China.

Its onshore securities arm would enter into a service agreement with CS First Boston to divide their profits on deals reached in China, added one of the people.

Talks on parting the business in China is still in preliminary stage since Credit Suisse is currently trying to ink a deal to buyout its Chinese partner, according to the Bloomberg report.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

A representative for Credit Suisse refused to give any details on the matter.

The latest development comes close on the heels of a Bloomberg report that said Credit Suisse could transfer parts of its asset management business to First Boston spinoff.

Last month, the publication also reported that Credit Suisse was nearing a deal to buy ex-Citigroup executive Michael Klein’s advisory boutique in order to rebrand First Boston unit.

The bank is also set to employ former Citigroup banker to newly launch the business.