Bloomberg News reports that the venture may start offering the services early next year after the approval by the China Securities Regulatory Commission, Credit Suisse said in a statement Thursday. Set up in 2008 and controlled by local partner Founder Securities Co., the business was previously restricted to capital market services such as underwriting stock and bond offerings.
The boost to Credit Suisse Founder Securities comes after the earlier setback of the venture’s former Chairman Lei Jie - also the former chairman of Founder Securities - going missing in January. He was later released from police custody, a person familiar with the matter said this week. Lei said on Tuesday that he was no longer involved with the joint venture and wouldn’t comment further.
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