Exclusive: Credit Suisse drops China bank plan to avoid regulatory conflict under UBS-sources

Exclusive: Credit Suisse aborts China bank plan to avoid regulatory conflict under UBS-sources

Credit Suisse had been planning over several years to set up a wholly owned local bank in China that would boost its presence in the country by allowing it to set up a branch network to draw deposits and expand its onshore wealth management business.

After years of preparations, Credit Suisse has now decided to abort its plan to apply for a license to set up the so-called locally incorporated bank, said the two sources. It was not immediately clear if the local regulators have been informed of the decision, but one of the sources said that the move to drop the plan had been communicated to the bank's local staff.

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Reuters /  🏆 2. in US

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