Credit Suisse and a joint venture partner are looking for a buyer for the China securities brokerage business since the takeover by rival UBS according to anonymous Reuters sources.
It seems that Citigroup could have shown interest in acquiring Credit Suisse Securities China as they are setting up securities brokerage in China.
Chinese securities regulations stipulate that one entity cannot hold two licenses for majority-owned brokerages. UBS has a 67% stake in a profitable securities venture with Beijing State-owned Asset Management.
Credit Suisse owns 51% of CSS and made a deal to purchase partner Founder Securities which is still pending Chinese regulatory approval.
