Credit Suisse Group has reached an agreement to buy out its Chinese partner’s remain stake in a local joint venture (JV) in a deal valued at CNY1.14 billion ($160m).

As part of the agreement, the Swiss banking group will acquire the entire 49% stake owned by Founder Securities in Credit Suisse Securities (China).

The companies are required to inform Chinses securities regulator and Swiss Financial Market Supervisory Authority about the proposed deal.

Upon the completion of the deal, Credit Suisse will be the sole owner of the JV, becoming the newest global bank to own 100% of its onshore securities firm.

Around two years back, the bank received approval for majority ownership.

The latest move by Credit Suisse comes despite concerns over China’s fiscal growth and mounting political tension.

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The bank is also witnessing a series of exits in senior executive roles in its Chinese securities venture unit. It has been recently warned by the Chinese securities regulator to address this issue.

In a statement, Credit Suisse CEO of Greater China Carsten Stoehr said: “Credit Suisse sees China as more than a growth market with immense potential, but also a place that offers opportunities for collaboration and mutual benefits.”

Last year, Credit Suisse’s international counterparts including JPMorgan Chase and Goldman Sachs took 100% control of their Chinese JVs.