Ant Group outbids Citadel for Credit Suisse’s China investment bank venture: report

But this faces a “thorough review” because China favors a foreign buyers, sources said.

Chinese fintech giant Ant Group has reportedly outbid Citadel Securities for Credit Suisse’s investment bank venture in China, reports Bloomberg, based on sources.

Ant Group reportedly plans to build a securities business using CS’s operations, but will likely face a thorough review because China favors a foreign buyer, sources said.

The investment banking and brokerage license was originally awarded to the Swiss bank to help open the financial sector to global competition, one of the people said, asking not to be identified discussing private matters.

ALSO READ: SEA digital payments slated for growth as e-commerce market doubles: study

That preference poses a dilemma for UBS Group AG, which now owns Credit Suisse. For now, the bank will have to choose between the higher local bid from Ant, or the lower Citadel offer that’s more likely to win government approval, the people said.

Representatives for UBS and Ant declined to comment.

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