Chinese Investment Bank Drops $942M On 80% CLSA Stake

Law360, New York (November 5, 2012, 5:03 PM EST) -- Chinese investment bank CITIC Securities Co. Ltd. has agreed to buy the remaining 80 percent of Asian brokerage house CLSA from Credit Agricole SA's corporate and investment banking division for about $942 million in cash, CITIC said Monday.

CITIC's wholly owned subsidiary CITIC Securities International Co. Ltd. will acquire CLSA from Credit Agricole Corporate & Investment Bank in an all-cash transaction. CITIC Securities had acquired 19.9 percent of the Hong Kong-based brokerage in July for about $310 million.

The overall deal valued CLSA at more than...
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