Citic Securities to buy 19.9% stake in CLSA

China's biggest stockbroker will pay $374 million for a minority stake in CLSA and a 19.9% stake in Credit Agricole Cheuvreux, after initial plans to combine their businesses in China ran into regulatory hurdles.

Citic Securities to buy 19.9% stake in CLSA

Citic Securities, China’s biggest stockbroker and one of its leading investment banks, will invest a total of $374 million to become a minority shareholder in Hong Kong-based brokerage and investment group CLSA and its European counterpart, Credit Agricole Cheuvreux.

CLSA and Cheuvreux are both owned by Credit Agricole Corporate Investment Bank CACIB, which is selling a 19.9% stake in each of them to the Chinese company, according to a release. The direct investment will...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Print Edition

FinanceAsia Print Edition