China opens door to Credit Suisse’s brokerage firm
04 December 2015 Hong Kong
Image: Shutterstock
Credit Suisse Founder Securities (CSF) can now expand into China after receiving a business permit from the country’s Securities Regulatory Commission.
The company can now offer securities brokerage services in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone.
This is in addition to its existing capital markets activities, which includes sponsoring and underwriting of A shares, foreign investment shares, and government and corporate bonds.
CFS, founded in 2008 as the first Sino-foreign securities joint-venture company, is one now one of the first joint-companies able to offer securities brokerage services in Asia’s biggest market.
CSF is 33.3 percent owned by Credit Suisse, with the remainder held by its partner Founder Securities.
The joint venture is in the final stages of setting up its trading outlet in Qianhai, and is expected to commence securities brokerage services early next year.
Neil Harvey, CEO of Greater China at Credit Suisse, said: “We are delighted that CSFS has received regulatory approvals to expand into securities brokerage in Qianhai.”
“Growth in China remains a strategic priority for the bank and we are committed to building out overall presence in China."
Nicole Yuen, vice chairman for China and head of China equities at Credit Suisse, added: “China is a key growth market for our business globally.”
“Through our securities joint venture, Credit Suisse now joins the rank of a small select group of international banks which can provide onshore brokerage services to QFIIs, RQFIIs as well as mainland investors.”
“We look forward to the opportunity to participate in the domestic secondary market and contribute more directly to the development of China's capital markets.”
The company can now offer securities brokerage services in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone.
This is in addition to its existing capital markets activities, which includes sponsoring and underwriting of A shares, foreign investment shares, and government and corporate bonds.
CFS, founded in 2008 as the first Sino-foreign securities joint-venture company, is one now one of the first joint-companies able to offer securities brokerage services in Asia’s biggest market.
CSF is 33.3 percent owned by Credit Suisse, with the remainder held by its partner Founder Securities.
The joint venture is in the final stages of setting up its trading outlet in Qianhai, and is expected to commence securities brokerage services early next year.
Neil Harvey, CEO of Greater China at Credit Suisse, said: “We are delighted that CSFS has received regulatory approvals to expand into securities brokerage in Qianhai.”
“Growth in China remains a strategic priority for the bank and we are committed to building out overall presence in China."
Nicole Yuen, vice chairman for China and head of China equities at Credit Suisse, added: “China is a key growth market for our business globally.”
“Through our securities joint venture, Credit Suisse now joins the rank of a small select group of international banks which can provide onshore brokerage services to QFIIs, RQFIIs as well as mainland investors.”
“We look forward to the opportunity to participate in the domestic secondary market and contribute more directly to the development of China's capital markets.”
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