Ant Group Co. outbid Citadel Securities LLC for Credit Suisse’s investment bank venture in China, in a surprise move that will be subject to close regulatory scrutiny, people familiar with the matter said.
The bid by Jack Ma-backed fintech giant to build a securities business using Credit Suisse’s operations will face a thorough review because China favors a foreign buyer, the people said. The investment banking and brokerage license was originally awarded to the Swiss bank to help open the financial sector to global competition, one of the people said, asking not to be identified discussing private matters.
That ...
