CITICS pur­chases CLSA

The Pak Banker - - Front Page -

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.

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