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Credit Suisse’s China Partner to Sell Stake For $160 Million

  • Sale paves way for Zurich firm to take full control of venture
  • Credit Suisse sees China as growth market with potential

Credit Suisse Group AG said its partner in China agreed to sell its remaining stake in a local joint venture for 1.14 billion yuan ($160 million), paving the way for the Swiss firm to take full control of the onshore securities operation.

Founder Securities plans to dispose of its entire 49% stake in Credit Suisse Securities (China), according to a Shanghai stock exchange statement on Thursday. The firms need to notify China’s securities regulator and the Swiss Financial Market Supervisory Authority on the planned transaction.