CITIC Securities Completes Acquisition of Remaining Stake in CLSA

CITIC Securities has finalized the acquisition of the remaining 80.1% interest in CLSA from Crédit Agricole Corporate and Investment Bank (CIB). This transaction makes CLSA, previously known for its research capabilities in Asian markets, a wholly owned subsidiary of CITIC Securities.

The completion of the deal on July 31, 2013, establishes CITIC Securities as the first brokerage and investment banking firm based in China with a global reach. Through CLSA's network, CITIC Securities will offer client services across major global markets, including Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, the Philippines, Singapore, South Korea, Thailand, the United Kingdom, and the United States.

The net purchase consideration received by Crédit Agricole CIB was $841.68 million, subject to contractual adjustments. CLSA's Taiwan business, deemed immaterial to the overall operation, was excluded from the acquisition to comply with local regulations. Crédit Agricole CIB will retain the Taiwan operations, with CLSA holding an option to repurchase it if Taiwanese law permits in the future.

CITIC Securities has stated its intention to preserve the independence of CLSA's research and its corporate culture. The firm aims to strengthen its mainland China operations and expand cross-border business through CITIC Securities International (CSI). The CLSA brand name will be maintained, and the entity will lead CITIC Securities' global, ex-China, sell-side agency businesses. CLSA's existing management team will continue to oversee the company's operations under a management agreement.