Company Overview of CITIC Group Corporation
CITIC Group Corporation, together with its subsidiaries, provides various financial services in the People's Republic of China and internationally. It operates through six segments: Finance, Real Estate and Infrastructure, Engineering Contracting, Resources and Energy, Manufacturing, and Other Services. The company offers commercial banking services; brokerage, margin trading, securities lending, and QFII and research services; credit asset securitization, cash management trust, and small and medium enterprises trust services; and insurance services. It also provides micro-pawn, finance lease, and factoring services; fund management services; funding for various projects; and private equitie...
Key Executives for CITIC Group Corporation
Vice Chairman, President, Member of Executive Committee and Member of Nomination Committee
Executive Director and Member of Executive Committee
Head of the Accounting Department and Employee Supervisor
Compensation as of Fiscal Year 2015.
CITIC Group Corporation Key Developments
CITIC Telecom To Bid For Stake In CITIC Networks
Aug 24 15
On August 24, 2015, CITIC Group Corporation and CITIC Telecom International Holdings Limited (SEHK:1883) agreed to implement the acquisition arrangement whereby CITIC Group has proposed to sell and CITIC Telecom has proposed to bid (or to procure its subsidiary including CPC to bid) for, in an open tender process at China Beijing Equity Exchange, up to 39% equity interest in CITIC NETWORKS Co.,Ltd. from CITIC Group. The final consideration for the acquisition is expected not to exceed CNY 1.287 billion. CITIC Telecom has appointed Platinum Securities Company Limited as advisor for the transaction. The stake will be put up for sale in May 2016.
Korea Development Bank Reportedly Seeks To Sell Stakes In Daewoo Securities
Aug 23 15
Korea Development Bank will consider an option to sell its controlling stake in Daewoo Securities Co., Ltd. (KOSE:A006800) to a Chinese group as it seeks to find a preferred bidder by the end of this year, people familiar with the matter said on August 23, 2015. Anbang Insurance Group Co., Ltd. and CITIC Group Corporation may join the auction to sell the Korean brokerage company, said an official from a creditor bank. KDB plans to hold a board meeting on August 24, 2015, to vote on the sale plan and to hold a press conference at its headquarters in Yeoido, western Seoul. Next month, KDB plans to name a lead manager to handle the auction and start the process from November. The deal will collapse if there are not multiple bidders.
CITIC Reportedly In Talks To Acquire Royal Albert Dock
Aug 22 15
CITIC Group Corporation is in advanced talks with ABP (London) Investment Ltd. to buy a 20% equity stake in its £3 billon Royal Albert Dock scheme, E16. It will pay £100 million for the stake in the 4.7m square feet scheme. The cash will be used alongside £400 million of other equity to help fund the £1.7 billon build cost. The remainder of the construction fees will be funded using debt, the exact level of which will be dependent on cash raised from the forward sale of elements of the mixed-use development. It is understood that CITIC Construction Co.,Ltd. is also in talks to acquire a UK construction company as it seeks to gain a foothold in the European development market, allowing it to bid for work tendered under Official Journal of the European Union rules.
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