New | Citic, CLSA launch Hong Kong-based global finance arm
New global operation consolidates capital markets and finance units of Citic, CLSA
Citic Securities International and CLSA have announced a consolidation of their international capital markets and finance businesses to form Citic Securities' global finance arm.
The new Hong Kong-based business, Citic CLSA Securities, would bring together their equities and debt capital markets businesses and merger and acquisition advisory in North and Southeast Asia, India, Australia and Europe, CLSA said on Monday. The firm will focus on energy, mining, financial institutions and real estate, among other sectors.
The integration of the two international operations began early last year.
Beijing-based Citic bought a 19.9 per cent stake in CLSA in 2012 from Credit Agricole for US$310 million and paid an additional US$841.7 million for almost all of the remaining stake in the company in August 2013.
Citic Securities, China's biggest broker, was the first Chinese securities firm to buy up a foreign broker.
Since then, other Chinese brokers have targeted international financial institutions in a bid to expand beyond China's borders while also absorbing much-needed global talent in the financial industry.