Citic Securities to Buy Credit Agricole’s CLSA for $1.25 Billion

Citic Securities Co., China’s largest brokerage by market value, said it agreed to buy Credit Agricole SA (ACA)’s CLSA unit for $1.25 billion.

Citic, based in Beijing, today completed the previously agreed purchase of a 19.9 percent stake in CLSA for $310.3 million, according to a statement to the Shanghai stock exchange. Citic will buy the remaining 80.1 percent stake fo$941.7 million, subject to it meeting conditions, the company said.

To contact the editor responsible for this story: Keith Campbell at k.campbell@bloomberg.net

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