Tendersinfo keep you informed about the latest events in the national and international Procurement Industry. Procurement News provides in-depth coverage of the procurement industry, including contract awards, contract additions, new contract wins, mergers and acquisitions. Tendersinfo through its tender news section provides an update on all domestic and global tendering opportunities, invitation to bid & trade leads.
China : Credit Suisse to ask for China trading licence
Publish Date : 09-May-2012
Credit Suisse Group AG intends to increase capital at its Chinese joint venture and apply for a stock trading permit in the country, after the government eased restrictions on foreign investment banks.
China agreed last week to allow foreign investment banks to increase their stakes in domestic joint ventures to 49 per cent from 33 per cent. It also shortened the qualification period for a trading licence to two years from five years.
Credit Suisse will move bankers to China to gain from the higher ownership limits and the shorter wait for licenses to trade shares in Shanghai and Shenzhen, said Zhang Liping, the bank\'s chief executive officer for the country.
The bank was in talks with its local partner Founder Securities on preparing a trading application, Liping added. He said no final decision had been made on Credit Suisse increasing its stake in the venture, Credit Suisse Founder Securities Ltd.
