Citic Securities to Buy Credit Agricole’s CLSA for $1.25 Billion
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Citic Securities Co., China’s largest brokerage by market value, said it agreed to buy Credit Agricole SA’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.