Crosby disposes of stake balance
Asian investment bank Crosby Financial Holdings has sold its remaining 25 per cent stake in Societe Generale-Crosby Securities to Societe Generale.
Crosby's associate director of business development Nicholas Smith said it sold its stake in the brokerage in order to concentrate on 'higher value-added activities'.
Mr Smith would not disclose the price of the stake sale.
Crosby Securities was formed in 1984 as a brokerage in Hong Kong, and a majority stake was sold to Societe Generale in 1996.
In recent years, Crosby has focused on consulting activities and fund management.
'Our four main areas of business now are consulting, equity fund management, venture capital and private client advising.
'We will use the money from the sale to expand these areas of our business,' Mr Smith added.
Mr Smith said that Crosby had about US$400 million of committed capital under management, which has doubled since 1996.