MILAN, June 9 (Class Editori) — Credit Suisse Group is still committed to China, considered a strategic market, and its banking license application for a local bank is underway.
"There were some rumors about us delaying our license application for LIB, which is not true, we are fully on track," CEO Thomas Gottstein stated during a presentation at the Goldman Sachs Annual European Financials Conference, referring to Bloomberg reporting delays and slowdown in expansion plans in China.
In order to accelerate cost cutting following a series of quarterly losses at the bank, Gottstein stated that investment in China might be slowed slightly. "However, I want to be very clear that our plan to launch in China is completely on track," he said.
"As part of our strategy, we continue to invest in our presence in China, including our immediate goal of acquiring full ownership of our joint venture in securities," the bank stated.
(Source:Class Editori)
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