(Yicai Global) Sept. 9 -- Credit Suisse Group’s Chinese partner has agreed to sell its remaining stake in their local securities joint venture for CNY1.14 billion (USD160 million), lining it up to become China’s third wholly foreign-owned brokerage.

Founder Securities will sell its 49 percent stake in Credit Suisse Securities, formerly known as Credit Suisse Founder Securities, to the Swiss financial giant, the Changsha-based broker said in a statement yesterday. The deal is subject to procedures including regulatory filings.

J.P. Morgan Chase and Goldman Sachs Group took full control of their China securities joint ventures last year after the Chinese government lifted all restrictions on foreign ownership of securities companies in the country.

Everything is going well with efforts to take full ownership of the JV, Carsten Stoehr, Credit Suisse’s China chief executive, said in a statement. The country is a key part of the Swiss banking group’s Asia Pacific and global strategy, he said.

After the deal is concluded, Credit Suisse aims to start offering wealth management services in China no later than the first quarter of next year, Benjamin Cavalli, head of Credit Suisse's Asia Pacific wealth management business, said earlier.

Established in 2008, Credit Suisse Securities reported a nearly threefold surge in net profit to CNY45 million (USD6.5 million) last year. Revenue climbed 76 percent to CNY497 million (USD71.5 million).

Editor: Emmi Laine, Xiao Yi