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, Bloomberg said.
China agreed last week to allow foreign investment banks to increase their stakes in domestic joint ventures to 49 percent from 33 percent. It also shortened the qualification period for a trading license 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, Bloomberg said.
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.
Credit Suisse China could not be immediately reached for a comment.
This article is copyrighted by Reuters
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