Founder Securities Co Ltd, the Chinese partner of Credit Suisse, will pay up to 1.5 billion yuan ($234 million) for a stake in Shenjing Bank in Northeast China, it said.

The brokerage, the 19th biggest in China by assets, will buy up to 300 million shares, equivalent to 8.12 percent of outstanding shares, at 5 yuan per share, it said in a filing to the stock exchange late on Sept 6.

Founder, which competes with larger rivals such as CITIC Securities and Haitong Securities, raised 5.85 billion yuan last month through the third-biggest IPO on the mainland market so far this year.

It earned a net profit of 1.27 billion yuan in 2010, compared with 1.39 billion yuan in 2009.