Credit Suisse Wins Approval for China Securities Joint Venture

This marks the first approval that the CSRC has granted since the new regulations relating to the establishment of Sino-foreign securities companies were announced in December 2007.

Through this newly formed entity, Credit Suisse will be able to provide investment banking services to clients in the domestic China market.

The joint venture is 33.3% owned by Credit Suisse, with the remainder held by its partner Founder Securities. With this approval, the joint venture is entitled to engage in the sponsoring and underwriting of A-shares, foreign investment shares and government and corporate bonds.

Paul Calello, CEO of Credit Suisse Investment Bank and member of the Executive Board said: "We are very pleased with this latest development in our commitment to the Chinese market. Founder has strong local knowledge; Credit Suisse has strong international capability. It is a compelling combination."

"This is a very important milestone in the implementation of Credit Suisse's ambitious Asia Pacific growth strategy, particularly for a vitally important country like China," commented Kai Nargolwala, CEO of Credit Suisse Asia Pacific and member of the Executive Board.

Wei Xin, Chairman of Founder Group, said: "I am convinced that excellent opportunities lie ahead for the joint venture. Chinese clients are increasingly demanding more sophisticated financial solutions as well as access to a truly global platform for specialized financial services and products. Many Chinese corporations and individuals are expanding their businesses across the globe and there is a growing demand for leading financial institutions to support these efforts."

Lei Jie is currently Chairman of Founder Securities and will be appointed as Chairman of the joint venture. He has over 15 years of experience in investment banking industry in China.

Neil Ge will be appointed as Chief Executive Officer of the joint venture. Mr Ge is currently Managing Director at Credit Suisse's Investment Banking Shanghai Representative Office. He will relocate from Shanghai to Beijing for this role.

--- END press release Credit Suisse Wins Approval for China Securities Joint Venture ---

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