Citic/CLSA JV

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.
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Citic Securities agrees to buy a minority stake in Hong Kong-based CLSA after more than a year of negotiations (AFP)</div>
<div style="text-align:left;"> Citic Securities agrees to buy a minority stake in Hong Kong-based CLSA after more than a year of negotiations (AFP)</div>

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 give Citic Securities access to many of the world’s largest institutional investors, who are clients of CLSA and Cheuvreux, while CLSA will get a partner with extensive relationships in China that could potentially give it...

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