Credit Suisse aborts China bank proposal

The reason for the decision to drop the plan was 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, sources said. — Reuters

HONG KONG: Credit Suisse has scrapped plans to set up a locally incorporated bank in China to avoid a potential regulatory conflict arising as a result of its merger with UBS, say two sources with direct knowledge of the matter.

Credit Suisse had been planning over the last few years to set up a wholly owned local bank in China that would have boosted its presence in the country.