Credit Suisse's China JV hires sales trading chief

The Swiss bank announces regulatory approval for an investment banking joint venture with Founder Securities.

Existing shareholders take up 56.4% of the $4.2 billion deal and the Chinese insurer receives more than $50 billion of institutional demand for the rest.

The deal comes with a 3.3% conversion premium versus the latest close and is expected to see a high take-up by existing shareholders.

Claims would be based on a breach of international investment agreements, and launched on behalf of Credit Suisse’s AT1 investors from jurisdictions including Hong Kong, Japan, Korea, Singapore and the UAE.

Christian Deiss replaces Joe Gallagher as head of mergers and acquisitions for APAC.

The Chinese insurer is seeking to raise up to $4.1 billion from the sale of bonds convertible into A-shares.