Credit Suisse has appointed a female executive to lead its push to expand its business in China after taking a majority stake in its local joint venture. The Swiss bank is one of the few financial firms to own a majority stake in a China-based joint venture.
Credit Suisse finalized the increase of its stake in Chinese joint venture Credit Suisse Founder Securities (CSFS) to 51 percent this week. The Swiss bank is now one of the few foreign financial services companies to own a majority stake in bank based in China. Others include UBS, U.S. giants Goldman Sachs, J.P. Morgan, Morgan Stanley as well as Japan’s Nomura.
Female Executive Takes the Lead
Credit Suisse also appointed a chairwoman for the business venture in China after completing the increase of its stake. Janice Hu, an investment banker, will lead CSFS and its push to widen the reach of the Swiss bank’s services in China.
Hu has been with the Swiss bank for almost two decades. Credit Suisse will continue investing in the Chinese market and offer advisory and financial products in the country.
