Credit Suisse has scrapped plans to set up a locally incorporated bank in China to avoid a potential regulatory conflict arising as a result of its merger with UBS, said two sources with direct knowledge of the matter. Credit Suisse had been planning over the last few years to set up a wholly owned local bank in China that would have boosted its presence in the country by allowing it to set up its own branch network to draw deposits and expand wealth management business onshore. The embattled Swiss bank currently offers wealth management, securities brokerage, and investment consulting services in the world's ... (full story)