Credit Suisse to raise stake to 51% in Chinese joint venture

Swiss bank joins race to establish majority-controlled presence in China

Credit Suisse's securities joint venture in China provides services including sponsoring and underwriting company shares and bonds. © Reuters

ALEX FANG, Nikkei staff writer

April 16, 2019 05:02 JST

NEW YORK -- Credit Suisse intends to take a controlling 51% share in its Chinese securities joint venture, the Swiss investment bank said Monday, as foreign financial institutions embrace Beijing's moves to open the market.

The bank, which owns 33% of Beijing-based Credit Suisse Founder Securities, reached an agreement with Chinese partner Founder Securities to increase its stake by way of capital injection, the Swiss company said in an announcement.