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Credit Suisse Group AG has obtained licenses allowing it to launch its wealth management business in China in the first half of this year as well as expand its securities trading and research activities onshore.
The bank received its investment consultancy, proprietary trading and nationwide brokerage licenses, according to an internal memo. A spokeswoman for the bank confirmed the contents of the memo.
The approvals mark progress for the embattled Swiss lender, which last year faced delays in getting approvals for some of its China operations after a flurry of senior management departures. In preparation for the launch of its wealth management business in China, Credit Suisse plans to double the number relationship managers onshore, according to the memo.