Original title: Latest news! Beijing State owned Assets Supervision and Administration Corporation acquired 85.01% equity of Credit Suisse Securities (China)
On June 24, Beijing State owned Assets Supervision and Administration Corporation announced that it had reached a tripartite agreement with UBS AG (hereinafter referred to as UBS AG) and Founder Securities Co., Ltd. (hereinafter referred to as Founder Securities) on the acquisition of 85.01% shares of Credit Suisse Securities (China) Co., Ltd. (hereinafter referred to as Credit Suisse Securities).
The transaction includes the acquisition of 36.01% equity of Credit Suisse Securities held by UBS by Beijing State owned Assets Supervision and Administration Corporation for a consideration of US $91.35 million (RMB 650.5 million, calculated based on the exchange rate of US $1=RMB 7.1201 on June 24, 2024, the same below), and 49% equity of Credit Suisse Securities held by the acquirer Zheng Securities for a consideration of US $124 million (RMB 885 million). This transaction has gone through a comprehensive bidding process, and the completion of the transaction still needs to obtain the necessary regulatory approval and meet the usual delivery conditions.
It is understood that Credit Suisse Securities was established in 2008 as a joint venture securities company between Credit Suisse AG and Founder Securities in China. Since June 2020, Credit Suisse has held 51% of the equity of the joint venture, and the remaining equity is held by Founder Securities. Since June 2023, Credit Suisse has been merged into UBS Group. On May 31, 2024, UBS and Credit Suisse completed their merger, marking an important milestone.
As one of the few municipal state-owned enterprises with major financial businesses in Beijing, Beijing State owned Assets Management Co., Ltd. has rich experience in the management of financial enterprises. Its business involves banking, securities, factor markets, consumer finance and other fields. The acquisition of the equity of Credit Suisse Securities is a further extension of the cooperation between the two sides, and also a specific measure to implement the relevant requirements of the state and Beijing for financial services to the real economy.
After the completion of the transaction, Beijing State owned Assets Supervision and Administration Corporation and Swiss Bank will hold 85.01% and 14.99% shares of Credit Suisse Securities respectively.
