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4/15, 4:44 PM (Source: TeleTrader)
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Credit Suisse to take majority control of Chinese JV

Credit Suisse announced on Monday it reached an agreement with Founder Securities Co. Ltd. to increase its stake in their joint venture (CSFS) in China. As a result, Credit Suisse's shareholding will increase from 33.3% to 51%.

"The completion of this transaction remains subject to regulatory approvals. Credit Suisse will continue to work closely with Founder Securities and the respective regulatory authorities in this regard," the Switzerland-based investment bank said in a statement.

Days ago, Credit Suisse Seoul offices were raided by the state prosecutors investigating Samsung BioLogics Co.'s alleged breach of accounting regulations, in search of documents which would corroborate that Samsung's biotech subsidiary broke accounting rules ahead of its initial public offering in 2016.

Breaking the News / GG