Credit Suisse has scrapped plans to set up a locally incorporated bank in China to sidestep a potential regulatory conflict arising from its merger with UBS , said two sources with direct knowledge of the matter.
Embattled Credit Suisse had been preparing for years to set up a wholly owned local bank in China. A locally incorporated bank would have boosted its presence in the country by allowing it to set up a branch network to draw deposits and expand its onshore wealth management business.
It was not immediately clear if the local regulators have been informed of Credit Suisse's decision, but one of the sources said that the move to drop the plan had been communicated to the bank's local staff.UBS, twice as big as Credit Suisse by assets, agreed to buy its cross town rival for 3 billion Swiss francs in stock and to assume up to 5 billion francs in losses in March.
Credit Suisse is trying to retain bankers at the joint venture, as it struggles to maintain the number of staff in order to remain compliant before it decides whether it should be sold, the third source said.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Exclusive: Credit Suisse drops China bank plan to avoid regulatory conflict under UBS-sourcesCredit Suisse has scrapped plans to set up a locally incorporated bank in China to avoid a potential regulatory conflict arising from its merger with UBS , said two sources with direct knowledge of the matter.
Leer más »
Credit Suisse drops China bank plan to avoid regulatory conflict under UBS, sources tell ReutersUBS, which is acquiring Credit Suisse as part of a government-orchestrated rescue, already has a locally incorporated bank in China, said the sources.
Leer más »
Credit Suisse bankers leaving by the hundreds every week - sourcesHundreds of Credit Suisse 's employees are resigning each week in a sign of uncertainty gripping the lender while it is being taken over by rival UBS , two people familiar with the matter said on Wednesday.
Leer más »
Switzerland's Social Democrats propose shrinking UBS - Aargauer ZeitungSwitzerland's Social Democratic Party has drawn up a proposal to shrink UBS assets after its takeover of Credit Suisse , the Aargauer Zeitung newspaper reported.
Leer más »
UBS names its top-conviction picks for the rest of 2023Here are some of the stocks UBS analysts think will outperform amid an uncertain market environment.
Leer más »
From McDonald's to Morgan Stanley, UBS says these stocks are favorably positioned for AI.What do McDonald's, Visa, Nike, Chipotle, Shell and Morgan Stanley have in common? They are "favorably positioned," for generative AI, says UBS.
Leer más »