Chinese brokerage
16/06/2008
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.
