Credit Suisse plans to step up expansion in China, says China CEO

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The logo of Swiss bank Credit Suisse can be seen at its headquarters in Paradeplatz square in Zurich, Switzerland on October 1, 2019. REUTERS / Arnd Wiegmann

SHANGHAI, Nov. 2 (Reuters) – Swiss investment bank Credit Suisse Group AG (CSAG.UL) plans to accelerate its expansion in China, tripling its team on the continent over the next five years, said Janice Hu, Managing Director of China. Tuesday.

Speaking to a media roundtable, Hu said Credit Suisse has hired more than 120 people since it acquired a controlling stake in its securities joint venture in China in June 2020.

Hu said the bank is in close contact with regulators on cross-border data transfers.

China implemented a personal information protection law from November 1, supplementing a new data security law to regulate cyberspace and protect national security. The Data Security Law obliges all businesses in China to classify the data they process into several categories and govern how that data is stored and transferred to other parties. Read more

“We communicate with the regulator and our head office on a daily basis to come up with a plan that the regulators can agree to and do for us… that’s at the heart of our work,” Hu said.

She also said the bank was in talks to provide financing for internet businesses unable to register in the short term.

Reporting by Zoey Zhang and Andrew Galbraith; Editing by Jacqueline Wong

Our Standards: Thomson Reuters Trust Principles.


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