Business & Investment

Credit Suisse’s plans have accelerated China’s expansion, said Reuters CEO of China

© Reuters. File Photo: The logo of the Swiss bank Credit Suisse will appear on October 1, 2019 at the headquarters of Paradeplatz Square in Zurich, Switzerland. REUTERS / Arnd Wiegmann

Shanghai (Reuters)-Swiss investment bank Credit suisse (SIX :) Group AG plans to accelerate its expansion in China and triple its team in the mainland over the next five years, China’s CEO Janice Hu said Tuesday.

Credit Suisse said it has employed more than 120 people at a media roundtable since it acquired a majority stake in a Chinese securities joint venture in June 2020.

Hu said the bank is in close contact with regulators regarding cross-border data transfer.

China enforced the Personal Information Protection Act on November 1st, complementing the new Data Security Act on Cyberspace Regulation and National Security Protection. Data security legislation requires that data handled by all Chinese companies fall into several categories and stipulates how such data is stored and transferred to other parties. increase.

“We are in daily contact with regulators and headquarters to achieve a feasible plan that regulators agree on … this is the core of our work,” Hu said. increase.

She also said the banks are in talks to fund Internet companies that cannot be listed in the short term.

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Credit Suisse’s plans have accelerated China’s expansion, said Reuters CEO of China

https://www.investing.com/news/stock-market-news/credit-suisse-to-triple-onshore-china-team-in-next-5-years–china-ceo-2663547 Credit Suisse’s plans have accelerated China’s expansion, said Reuters CEO of China

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