Amid intense competition, CICC buys rival

CICC has agreed to buy China Investment Securities for $2.5 billion, showing its determination to keep expanding amid tough competition in China's brokerage market.

Amid intense competition, CICC buys rival

In the second biggest merger in China’s brokerage sector, Beijing-based China International Capital Corporation has agreed to acquire Shenzhen-headquartered China Investment Securities for Rmb16.7 billion $2.5 billion from state investment company Central Huijin.

The deal which could be seen as an asset injection, since Central Huijin is also CICC’s largest shareholder allows CICC to bolster its strong investment banking business by tacking on China Securities' retail network.

The combination of the...

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