Reuters Fintech giant Ant Group has outbid billionaire Ken Griffin39;s Citadel Securities for Credit Suisse39;s investment bank venture in China, Bloomberg News reported on Sunday, adding it was unclear whether the Chinese company39;s offer would succeed.

Alibaba Group affiliate Ant Group39;s bid to build a securities business in China using Credit Suisse39;s operations would face a thorough review because Beijing favours a foreign buyer, the report said, citing people familiar with the matter.

Seller UBS, now the owner of Credit Suisse, will now face a dilemma in choosing between the higher local bid from Ant, or the lower Citadel bid submitted in December offering about 1.5 billion yuan 208.47 million to 2 billion yuan that is more likely to win government approval, the report added.

Ant Group declined to comment. The fintech giant has been working under the guidance of Chinese regulators to turn itself into a financial holding company to ensure its financialrelated businesses are fully regulated.

UBS and Citadel did not immediately respond to Reuters requests for comment.

The bidding for Credit Suisse39;s China securities operation comes as the domestic Ashare market battles an exodus of foreign capital and stricter scrutiny on initial public offerings as the world39;s secondlargest economy slows.

UBS39; takeover of Credit Suisse, the biggest bank merger since the 2008 global financial crisis, was hastily arranged last year by Swiss authorities to avert Credit…