Credit Suisse Group AG (NYSE:CS) and its joint venture partner are looking for buyers for its loss-making China Securities brokerage business.

At one point, Citigroup Inc (NYSE:C) showed interest in buying Credit Suisse Securities China (CSS), Reuters reported.

The decision reflects CS's takeover by UBS Group AG (NYSE:UBS).

Notably, as per Chinese Securities regulations, one entity cannot hold two licenses for majority-owned brokerages.

CS currently owns 51% of CSS and had penned an agreement to buy Founder Securities last year, with the deal presently pending Chinese authority approval.

Also, UBS owns 67% of a securities joint venture with state-owned asset management in Beijing.

Last week, UBS disclosed that it expects to conclude the acquisition of Credit Suisse as early as June 12, 2023.

Price Action: CS shares are trading lower by 0.13% at $0.8760 premarket on the last check on Friday.