Citigroup (C.N) had at one point shown interest in acquiring Credit Suisse Securities China (CSS), they added.
Citi, whose CEO Jane Fraser was in China this week, is setting up a securities brokerage in China.
UBS already has a majority-owned securities brokerage business in China.
UBS and a spokesperson representing both Credit Suisse and CSS declined to comment.
Founder Securities and the China Securities Regulatory Commission did not immediately respond to Reuters requests for comment.
Persons:
Jane Fraser, Selena Li, Engen Tham, Sumeet Chatterjee, Edwina Gibbs
Organizations:
Credit Suisse, UBS, Citigroup, Credit Suisse Securities China, Citi, Securities, SS, CSS, China Securities Regulatory Commission, Thomson
Locations:
HONG KONG, SHANGHAI, China, Swiss, Hong Kong, Shanghai