Track apps

Credit Suisse on track with Chinese banking app, says CEO

By Cecilia Butini and Cristina Roca

Credit Suisse Group AG remains committed to China as a strategic market and is on track with its license application for a locally incorporated bank, the Swiss lender said Thursday.

“There was…news that we were delaying our license application for the LIB, which is not true, we are fully on track on that,” chief executive Thomas Gottstein said during a briefing. presentation at Goldman Sachs European Financial Conference.

Earlier on Thursday, Bloomberg reported that the bank had delayed a targeted launch of its China bank in a sign that the bank was holding back its expansion plans in the country, citing unnamed sources.

Discussing plans, first unveiled on Wednesday, to accelerate cost-cutting after a series of quarterly losses at the bank, Gottstein said growth investment in China could be slowed somewhat.

“But I want to be very clear: our overall rollout in China is on track,” he said.

“As part of our strategy, we continue to invest in our footprint in China, including our immediate goal of taking full ownership of our securities joint venture,” the bank said in a separate statement Thursday.

Write to Cecilia Butini at [email protected] and Cristina Roca at [email protected]