The unit for sale – Credit Suisse Securities China – was formerly 51% controlled by Credit Suisse and 49% by Founder Securities. Founder agreed to be bought out by Credit Suisse for 1.14 billion yuan, which valued the firm at about 2.3 billion yuan, before the UBS merger in a deal that has yet to receive Chinese regulatory approval. Reuters this month reported UBS was planning headcount cuts in the coming months as the bank's China-focused bankers swelled after it took over Credit Suisse. ($1 = 7.1952 Chinese yuan) (Reporting by Gursimran Kaur in Bengaluru and Selena Li in Hong Kong; Editing by Subhranshu Sahu and Jamie Freed) Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.