Credit Suisse Taps Brakes on China Growth, Delays Local Bank

Credit Suisse Group AG is tapping the brakes on its China expansion, postponing its biggest mainland project, in a sign that weakness in Asia’s largest economy is prompting global banks to temper ambitious growth plans.

The Zurich-based lender has delayed the targeted launch of its locally incorporated bank by a year to 2024, the second postponement since the project was conceived two years ago, according to people familiar with the matter. A local bank would allow Credit Suisse to build a branch network to fuel its wealth management business, the people said, asking not be named discussing internal deliberations. The plans may be subject to change.