Credit Suisse and Founder Securities announced on Tuesday that their joint venture in China has received a business permit from the China Securities Regulatory Commission (CSRC) to provide services to clients in China's domestic market.

The joint venture, Credit Suisse Founder Securities Limited, will focus on sponsoring and underwriting of A-shares, as well as government and corporate bonds in China.

Swiss bank Credit Suisse takes a 33.3 percent stake in the joint venture. The other 66.7 percent is in partner Founder Securities' hand.

"Many international banks are longing for a share of the investment banking services in emerging markets including China", said Kai Nargolwala, Credit Suisse Chief Executive Officer in Asia Pacific.

He added the company would not change its intention to invest in China despite the world economy slipping into recession.

Credit Suisse won approval from the securities regulator to establish the joint venture with Founder Securities in June, the first such approval after the new regulations relating to the establishment of Sino-foreign securities companies were issued in December 2007.

(Xinhua News Agency December 30, 2008)