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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