Feb 27, 2024 05:43 AM

FINANCE

Ant Group Outbids Citadel Securities for Credit Suisse’s China JV

By Yue Yue and Denise Jia

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Ant Group’s headquarters in Hangzhou.

Ant Group’s headquarters in Hangzhou.

Chinese fintech giant Ant Group Co. Ltd. has outbid Citadel Securities LLC for Credit Suisse’s investment bank venture in China, in a surprise move that could add regulatory uncertainty to the deal.

Citadel Securities made a non-binding offer in late December to pay $1.5 billion yuan to 2 billion yuan ($210 million to $280 million) for Credit Suisse Securities (China) Ltd.

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