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ZURICH based UBS Group and a state-owned Chinese company are in talks over the sale of Credit Suisse's China joint venture after Citadel Securities LLC's December offer failed to meet expectations, reports Caixin.
UBS put Credit Suisse up for sale after buying the rival Swiss bank in 2023 as it already has its own China securities venture and cannot hold two licences under Chinese rules, but the disposal of the money-losing China brokerage has proved a tough sale.
Citadel Securities made a non-binding offer between CNY1.5 billion (US$207 million) and CNY2 billion for it. The offer represented a 15 per cent to 35 per cent discount on the company's valuation in 2022.
Despite being an all-cash offer, it fell short of UBS's expectations and Citadel had no intention of raising the price, a person close to the companies told Caixin.
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