Citic Securities and Bear Stearns forge ties

The two firms enter a $1 billion alliance and an investment banking joint venture to cover Asia with specific emphasis on China.

Citic Securities and Bear Stearns will form a strategic partnership which includes $1 billion of cross-holdings, a joint venture to service Asia and a focus on offering investment banking services in China.

Citic Securities, which is owned by the Citic group, a Chinese government-owned conglomerate, will buy $1 billion worth of 40-year convertible trust preferred securities in Bear Stearns that will convert to about 6% of Bear Stearns' outstanding shares. The conversion price is pegged to the closing price on...

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