Credit Suisse gets key regulatory nod to launch wealth business in China

Credit Suisse gets key regulatory nod to launch wealth business in China

FILE PHOTO: The logo of Swiss bank Credit Suisse is seen in front of a branch office in Bern, Switzerland November 29, 2022. REUTERS/Arnd Wiegmann

Credit Suisse has received regulatory green light from China after years of waiting to launch a full-fledged wealth management business in the world’s second-biggest economy, according to a company memo reviewed by Reuters.

The expansion comes after the lender suffered worse-than-expected global wealth outflows of 92.7 billion Swiss francs ($98.29 billion) in the fourth quarter.

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