Embattled Credit Suisse had been preparing for years to set up a wholly owned local bank in China. Credit Suisse and UBS declined to comment. The clock is ticking for UBS to close the deal with Credit Suisse. The China Securities Regulatory Commission did not immediately respond to a Reuters request for comment. UBS currently runs a 67%-owned securities joint venture with a Beijing state-owned company.

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Persons: Sergio Ermotti, Summer Zhen, Selena Li, Engen Tham, Sumeet Chatterjee, Muralikumar Organizations: Credit Suisse, UBS, Swiss, Credit, National Financial Regulatory Administration, Suisse's, China Securities Regulatory Commission, Thomson Locations: HONG KONG, SHANGHAI, China, Swiss, Beijing, Hong Kong, Shanghai