-- Jack Ma's Ant Group outbid U.S. hedge fund Citadel Securities for Credit Suisse's investment bank venture in China, pending regulatory approval, Bloomberg reported on Sunday, citing unnamed sources.

-- China's fintech giant's bid to establish a securities business using Credit Suisse's division is likely to face high regulatory scrutiny due to China's preference for foreign buyers, Bloomberg says.

-- The investment banking and brokerage license initially granted to Credit Suisse aimed to enhance global competition in China's financial sector, Bloomberg reported, adding that other companies might still put forward offers for the joint venture.

-- UBS and Citadel didn't immediately respond when requested for comment by Dow Jones Newswires. Ant declined to comment.


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(END) Dow Jones Newswires

02-26-24 0259ET