CREDIT AGRICOLE SA : CITICS and Crédit Agricole CIB are pleased to jointly announce the completion of the sale and purchase of

  CREDIT AGRICOLE SA : CITICS and Crédit Agricole CIB are pleased to jointly
   announce the completion of the sale and purchase of the remaining 80.1%
                              interest in CLSA.

                             Joint Press Release

CITIC Securities Company Limited ("CITICS") and Crédit Agricole Corporate  and 
Investment Bank ("Crédit Agricole  CIB") are pleased  to jointly announce  the 
completion of the sale and purchase of the remaining 80.1% interest in CLSA.

With the  19.9% interest  acquired  previously, CLSA  becomes a  wholly  owned 
subsidiary of CITICS and will spearhead its global, ex-China, sell side agency

Beijing / Hong Kong  / Paris /  Amsterdam - 31 July  2013: CITICS and  Crédit 
Agricole CIB  have  the  pleasure  to jointly  announce  today  that  all  the 
conditions precedent to the acquisition of  the remaining 80.1% stake in  CLSA 
have been satisfied or waived. The acquisition was completed on 31 July  2013, 
making CLSA a wholly owned subsidiary of CITICS.

CITICS becomes the first China based brokerage and investment banking firm  to 
provide client  services with  a  global reach  spanning across  major  global 
markets including  Australia,  China,  Hong  Kong,  India,  Indonesia,  Japan, 
Malaysia, the  Philippines,  Singapore,  South  Korea,  Thailand,  the  United 
Kingdom and  the United  States through  the network  of offices  of CLSA,  in 
addition to CITICS'  own existing  network of 196  outlets in  China and  Hong 

Due to  a change  in the  scope  of assets  and businesses  in CLSA,  the  net 
purchase consideration that Crédit Agricole CIB received on completion of this
acquisition was USD 841.68 million, subject to adjustments in accordance  with 
contractual terms with reference to the completion accounts of CLSA when these
become available. CLSA's current business in Taiwan, which is not material  to 
the overall business of CLSA as a whole, is excluded from this acquisition  to 
comply with local regulations.

The Taiwan  business of  CLSA will  be  retained by  Crédit Agricole  CIB  and 
continues to operate under its ownership. CITICS and Crédit Agricole CIB  have 
also agreed that,  as and when  any future  changes in the  relevant laws  and 
regulations in Taiwan permit, CLSA has the right to repurchase the CLSA Taiwan
business from Crédit Agricole CIB within a  period of 2 years. It is  expected 
that, in  the meantime,  the  exclusion of  CLSA's  Taiwan business  from  the 
acquisition would not  have any  undue impact  on the  overall businesses  and 
operations of CLSA.

CITICS vows to maintain  the independent perspectives  of CLSA's research  and 
its  vibrant  culture  through  safeguarding  the  autonomy  of  CLSA's  daily 
operations. At the same time, CITICS is committed to further strengthening its
domestic franchise in the PRC and develop cross-border business through  CITIC 
Securities International Company Limited ("CSI"). Its acquisition of CLSA will
offer a highly complementary international platform to better serve clients in
China and globally.

Going forward, as a wholly owned subsidiary of CITICS, CLSA's brand name  will 
be  preserved  to  spearhead  CITICS'  global,  ex-China,  sell  side   agency 
businesses. Business will  be as usual  at CLSA with  its existing  management 
team continues to manage CLSA's business and operations under the hallmark  of 
a management agreement.CLSA's management team is accountable to CLSA's  board 
of directors, comprising of, among others, WANG Dongming, Chairman of  CITICS, 
YIN Ke, Vice Chairman of CITICS and  CEO of CSI, Jonathan Slone, Chairman  and 
CEO of CLSA  and three independent  directors. GE Xiaobo,  a member of  CITICS 
Executive Committee, will be appointed at the next board meeting. Striving for
high standards of  corporate governance,  the board  of CLSA  will further  be 
joined by a fourth independent director.

As the  leading investment  bank in  China, CITICS  remains committed  to  its 
shareholders, clients, and employees. CITICS and CLSA share a common vision to
provide clients with  a globally  integrated service  driven by  a culture  of 
innovation, integrity  and  independence.  Both firms  aim  to  offer  broader 
products, views, reaches and seamless services to all clients, who can  expect 
to benefit from the combined but  differentiated strengths of CITICS and  CLSA 
in  product   offerings,   service   capabilities   and   global   experience. 
Collectively, CITICS and CLSA will remain committed to creating  complementary 
products and services in order to cater for the diverse needs of their  varied 
global clientele.

WANG Dongming, Chairman of  CITICS, remarked, "We are  very excited about  our 
business prospects. Together  with CLSA's  unmatched platform,  CITICS is  the 
first  Chinese  investment  bank  with  exclusive  focus  on  and  breadth  of 
connectivity across the world's most  dynamic capital markets, which place  us 
in an unparalleled position  in accompanying our  clients to capture  business 
opportunities in today's fast track market."

"We believe that CITICS'  full ownership in CLSA  marks a significant step  in 
CLSA's business expansion  in China,  cementing CLSA's strengths  in the  Asia 
Pacific region by contributing CITICS' access to the abundant resources in the
China market  such as  client coverage,  government relationship,  nation-wide 
sales and distribution  networks. At the  same time, CITICS  opts to  maintain 
CLSA's independent perspectives  and vibrant corporate  culture. My teams  at 
CITICS and colleagues at  CLSA have already been  working together on  various 
initiatives of synergistic collaboration, for which we will provide updates to
the market in due course." added Mr. WANG.

Jonathan Slone,  Chairman and  CEO  of CLSA,  commented: "Having  worked  with 
CITICS over the  past four years  to close this  deal, the CLSA  team is  very 
excited about working together  to increase our  product and service  offering 
and to drive shareholder  value.This deal solidifies  our strong position  in 
Asia and will provide further backing for our expansion globally."

Jean-Yves Hocher, CEO  of Crédit  Agricole CIB, commented:  "We are  delighted 
that the CLSA transaction has been successfully completed, thanks to the close
and on-going relationship we have  developed with CITICS. Crédit Agricole  CIB 
reaffirms its support of CLSA and we look forward to continue our  cooperation 
with CITICS in the future. The new  venture will have a global reach and  will 
be a driving force in the sector in Asia."

                    *    *    *    *

For further information, please contact:

CITIC Securities Company Limited           Crédit   Agricole   Corporate   and 
Beijing                                    Investment Bank

MA Liwei                                   Louise Tingström                   
+86 10 6083 6035                           +44 (0) 7899 066 995

CITIC  Securities  International   Company 
Hong Kong

Joyce Ho
+852 2237 9131

Notes to Editors:


CITICS is a  leading full  service investment  bank in  China, whose  A and  H 
shares are listed  on the Shanghai  Stock Exchange and  The Stock Exchange  of 
Hong Kong  Limited  respectively. CITICS  maintains  top rankings  in  China's 
capital markets across its principal  business areas of securities  brokerage, 
investment banking and asset management.

CITICS is one of the constituents stocks of both SSE 50 and MSCI China  Index, 
as well as one of  the top five constituents  stocks in FTSE/Xinhua A50  China 
Index. It is  also a constituent  stock of the  Hang Seng China  H-Financials 
Index, Hang Seng China AH Index Series, Hang Seng Global Composite Index, Hang
Seng Composite Index, Hang  Seng Composite Industry Index  - Finance, and  the 
Hang Seng Composite MidCap index.

For  more   information   about   CITICS,  please   visit   its   website   at


Crédit Agricole CIB is the Corporate and Investment Banking arm of the  Crédit 
Agricole Group, the world's  fifth-largest bank by  total assets (The  Banker, 
July 2013).

Crédit Agricole CIB offers its clients  a comprehensive range of products  and 
services in  capital  markets,  investment  banking,  structured  finance  and 
corporate banking.

The Corporate and Investment Bank is structured around four major divisions:
·  Client Coverage & International Network and Global Investment Banking
·  Structured Finance
·  Global Markets Division
·  Debt Optimisation & Distribution.

The Bank provides support  to clients in  large international markets  through 
its network with a  presence in major countries  in Europe, America, Asia  and 
the Middle East.

For more information, please visit its website at

CITICS-Crédit Agricole CIB eng


This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.

Source: CREDIT AGRICOLE SA via Thomson Reuters ONE
Press spacebar to pause and continue. Press esc to stop.