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Credit Suisse plans accelerated China expansion, says China CEO

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FILE PHOTO: Logo of Swiss bank Credit Suisse is seen Zurich
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SHANGHAI (Reuters) -Swiss investment bank Credit Suisse Group AG plans to accelerate its expansion in China, growing its team on the mainland by three times in the next five years, China chief executive Janice Hu said on Tuesday.

Speaking to a media roundtable, Hu said that Credit Suisse has hired more than 120 people since gaining a majority stake in its China securities joint venture in June 2020.

Hu said that the bank was in close contact with regulators over cross-border data transfers.

China implemented a Personal Information Protection Law from Nov. 1, complementing a new Data Security Law in regulating cyberspace and safeguarding national security. The Data Security Law requires all companies in China to classify the data they handle into several categories and governs how such data is stored and transferred to other parties.

"We are communicating with the regulator and our headquarters on a daily basis to achieve a plan that regulators can agree with and is feasible for us ... this is at the core of our work," Hu said.

She also said the bank was in talks to provide financing for internet firms unable to list in the short term.

(Reporting by Zoey Zhang and Andrew Galbraith; Editing by Jacqueline Wong)