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Citadel Securities LLC has made a non-binding offer for Credit Suisse’s securities venture in China, becoming the only global financial firm to submit a bid, people familiar with the matter said.
The US firm, founded by billionaire Ken Griffin, late last month put in a bid in the range of 1.5 billion yuan ($209 million) to 2 billion yuan, the people said, asking not to be identified because the matter is confidential. Credit Suisse, now owned by UBS Group AG, has been seeking around 2 billion yuan for the entire China unit, including the stake held by its local partner.
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