Crédit Agricole, the bank founded more than a century ago to serve France’s farming community, is linking up with China’s Citic Securities to create a global brokerage business spanning Europe and Asia.
Citic Securities will buy two stakes of 19.9 per cent each in Crédit Agricole’s broking businesses, Cheuvreux and CLSA Asia-Pacific Markets, for $374m. This marks the first ever investment in an international competitor by a Chinese securities company.
A merger between Cheuvreux and CLSA will also be proposed this year, the French group said.
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