UBS, which is acquiring Credit Suisse as part of a government-orchestrated rescue, already has a locally incorporated bank in China, said the sources.
Credit Suisse had been planning over several years to set up a wholly owned local bank in China that would boost its presence in the country by allowing it to set up a branch network to draw deposits and expand its onshore wealth management business.
The embattled Swiss bank currently offers wealth management, securities brokerage, and investment consulting services in the world's second-largest economy to clients under its securities joint venture. After years of preparations, Credit Suisse has now decided to abort its plan to apply for a license to set up the so-called locally incorporated bank, said the two sources.
The reason for the decision to drop the plan was that UBS, which is acquiring Credit Suisse as part of a government-orchestrated rescue of its Swiss rival, already has a locally incorporated bank in China, said the sources.
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