UBS Group has agreed to sell the majority of its stake in Credit Suisse’s China venture to a Beijing-backed fund, dealing a blow to the ambitions of Ken Griffin’s Citadel Securities to expand in the world’s second-largest economy.
Under the deal, which values the money-losing business at US$253.4 million, the Swiss lender 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. Founder Securities will dispose of its entire 49 per cent stake in the venture for US$124 million.
Source: TRADE FINANCE
