Citic Securities completes CLSA deal amid integration scrutiny

The purchase is the first major deal by a Chinese broker of a foreign peer.
Citic says the acquisition of CLSA will help to double its RoE by 2015
Citic says the acquisition of CLSA will help to double its RoE by 2015

Citic Securities has completed its acquisition of Hong Kong-based broker CLSA, the first major deal by a Chinese broker of a foreign peer.

The two-part acquisition was first announced in July last year, when China’s largest securities house by market value agreed to buy a 19.9% stake in the Asian brokerage unit of French bank Credit Agricole for $310.3 million.

Citic Securities then agreed to pay a further $941.68 million for the remaining 80.1% stake, although $100m of this is being held by Credit Agricole pending regulatory approval of the sale of CLSA’s Taiwan business.

Steps will be taken in...

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