UBS picks Chinese state fund over Ken Griffin’s Citadel Securities for Credit Suisse unit

Quick Summary:

UBS will sell a 36.01 per cent holding in Credit Suisse Securities (China) for US$91.4 million to Beijing State-owned Assets Management Co.

Before it collapsed last year, Credit Suisse had offered to buy out Founder’s 49 per cent stake, valuing the entire firm at about 2.3 billion yuan (US$334 million).

The logo of Swiss bank UBS is seen at the bank’s branch in Shanghai.

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Article Details

Author / Journalist: Bloomberg

Category: Business

Markets: Hong KongChina

Topics: Firm Bank Credit Sell Stake Majority Swiss Cent Securities Suisse’s Million

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-24 @ 20:28:22 (6 days ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 263 words

Reading Time: 2 minutes read

Sentences: 9 lines

Sentence Length: 30 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 21366958

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