On Sunday, Switzerland's second-largest bank Credit Suisse won approval to form a joint venture with Chinese brokerage firm Founder Securities.
The Swiss bank will hold 33.33 per cent of the joint venture by
investing RMB266.4m, while Founder will finance the remainder of
RMB533.6m for its 66.66 per cent stake. The joint venture is allowed to
offer underwriting services for domestic A shares, foreign stocks and
bonds, state media reports.
This is the first approval that the Chinese Securities Regulatory
Commission has granted since 2005, when it stopped allowing foreign
investment in China's brokerage industry. Credit Suisse announced its
partnership with Founder in January 2008.
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On Sunday, Switzerland's second-largest bank Credit Suisse won approval to form a joint venture with Chinese brokerage firm Founder Securities.
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