The JV is 33.3% owned by Credit Suisse with the remainder held by Founder Securities
Credit Suisse, a Switzerland-based financial services company and Founder Securities have announced that their securities joint venture in China has received the business permit from the China Securities Regulatory Commission to commence providing investment banking services to clients in the domestic China market.
. The joint venture intends to focus on the sponsoring and underwriting of A-shares as well as government and corporate bonds in China initially.
It was announced in June 2008 that the China Securities Regulatory Commission (CSRC) has given approval to establish this securities joint venture.
Lei Jie, chairman of Founder Securities, has been appointed as chairman of the Beijing-based joint venture with Neil Ge as its CEO. Mr Ge was managing director at Credit Suisse’s investment banking Shanghai representative office.
Kai Nargolwala, CEO of Credit Suisse in Asia Pacific, said: China’s domestic investment banking services market has long been a coveted crown jewel for many global banks looking to expand their footprint and reach in growing emerging markets. The investment case for China has not changed for us despite current market sentiment.
Wei Xin, chairman of Founder Group, said: The joint venture is entering the market at a crucial time, as China continues to see solid demand for corporate finance services and clients increasingly look to quality of advice. It has brought together one of the most professional and experienced teams in the market and is well positioned to be a leading player in the domestic capital markets.