CITICS purchases CLSA
PARIS: Today, CITICS and Crédit Agricole CIB announce the signing of a sale and purchase agreement for CITICS International to acquire the remaining 80.1% stake in CLSA from Crédit Agricole CIB for a cash consideration of US$941.68 million. Together with the 19.9% stake already acquired by CITICS International on 20 July 2012, as previously announced, CLSA will become a wholly-owned subsidiary and will play a flagship role in further developing sell-side business in international markets. This marks the beginning of a new chapter in the development of CLSA as a client centric brokerage and investment firm with a deep culture of integrity, innovation and independence. At the same time, CITICS, CITICS International and CLSA are delighted to reveal the agreement in principle of a number of client-focused initiatives to be launched on the two platforms for the respective clients of CITICS and CLSA, starting with the following areas: In addition to CLSA’s world-class research products, which are renowned for their relevance and independent perspectives, CLSA will be granted access to research products published by CITICS which provide on-the-ground perspectives and insights into the Chinese markets. CITICS will also have access to CLSA’s research.