The firm sent invitations to bid to companies including Warburg Pincus, Citadel Securities LLC and a number of local financial groups, the people said, requesting not to be named because the matter is private. One person said that the expectation for the bids is at least 1 billion yuan . UBS declined to comment.
Warburg hasn’t made any offer for the business as of now, one person said. The company didn’t respond to an emailed request for comment. Citadel declined to comment. Like other global banking powerhouses, Credit Suisse had gained full control of its venture in China as authorities opened up the financial markets. Credit Suisse last year agreed to buy out its China partner Founder Securities’s 49% stake for $160 million and had been waiting for regulatory approval to own 100%.
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