(Bloomberg) -- Credit Suisse Group AG said its partner in China agreed to sell its remaining stake in a local joint venture for 1.14 billion yuan ($160 million), paving the way for the Swiss firm to take full control of the onshore securities operation.

Founder Securities plans to dispose of its entire 49% stake in Credit Suisse Securities (China), according to a Shanghai stock exchange statement on Thursday. The firms need to notify China’s securities regulator and the Swiss Financial Market Supervisory Authority on the planned transaction. 

The deal would make Credit Suisse the latest global bank to control 100% of its onshore securities venture, after winning approval for majority control more than two years ago. The bank is continuing to invest in China even as headwinds mount amid slowing growth and rising political tension. More broadly, the bank is also reeling from an exodus of bankers in the U.S. and Asia and a series of scandals. 

“Credit Suisse sees China as more than a growth market with immense potential, but also a place that offers opportunities for collaboration and mutual benefits,” Carsten Stoehr, CEO of Greater China, said in an emailed statement. 

The agreement would allow Founder Securities to further allocate resources rationally and improve the efficiency of capital use, it said. 

JPMorgan Chase & Co. and Goldman Sachs Group Inc. were the first international banks to take 100% ownership of China ventures last year. Morgan Stanley has taken control of its securities venture and is moving closer to getting full control of its fund management venture. Citigroup Inc. is in the process of apply for futures and securities licenses. 

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