China’s Ant Group is bidding against Citadel Securities for Credit Suisse’s Chinese securities unit, a move that will test Beijing’s appetite for letting the Jack Ma-founded company expand again after a long-running crackdown.
Ant’s bid for Credit Suisse Securities (China) Ltd, which includes investment banking and brokerage services in mainland China, could complicate UBS’s plans to dispose of its stake in the unit. A deal would need regulatory approval and Ant has been in regulators’ crosshairs in recent years.
UBS put the business up for sale after taking control of Credit Suisse when it collapsed last year. It already has a securities unit in mainland China and cannot hold two licences.
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