Citic Securities to pay $1.25 billion for CLSA

Citic Securities completes the purchase of a 19.9% stake in CLSA from Credit Agricole, and agrees to buy the rest of the broker by the end of June 2013.

Citic Securities to pay $1.25 billion for CLSA

In a landmark transaction, Citic Securities has agreed to buy CLSA Asia-Pacific Markets for just over $1.25 billion. It is the first big acquisition of a foreign broker by a Chinese competitor, and is indicative of the advance of Chinese financial institutions while European firms retreat to restore their balance sheets to meet stricter regulatory rules.

The leading state-controlled firm, advised by Credit Suisse, has paid $310 million to Credit Agricole for a 19.9% stake...

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