From Morningstar:

Jack Ma’s Ant Group has reportedly outbid U.S. hedge fund Citadel Securities for Credit Suisse’s investment bank venture in China, pending regulatory approval. China’s fintech giant is aiming to establish a securities business using Credit Suisse’s division, but may face high regulatory scrutiny due to China’s preference for foreign buyers. The investment banking and brokerage license initially granted to Credit Suisse was intended to enhance global competition in China’s financial sector. UBS and Citadel have not responded to requests for comment, while Ant declined to comment. Other companies may still put forward offers for the joint venture.



Read more at Morningstar: Ant Group Outbids Citadel Securities Over Credit Suisse’s China Unit, Bloomberg Reports