Citic Securities and Credit Agricole combine forces

Citic and Credit Agricole join forces in a deal that puts CLSA in a position to become the dominant foreign player in the China brokerage market.

China's largest stockbroker Citic Securities and French firm Credit Agricole have inked a deal to combine their global brokerage and investment banking businesses.

As per the terms of the alliance, CLSA and Citic will enter a joint venture for the research, broking and equity capital markets businesses in China, putting the Hong Kong-based brokerage in a good position to become the dominant foreign player in the China brokerage business. CLSA is 65%-owned by Credit Agricole. 

Financial terms of the...

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