CITIC Securities International’s purchase of French bank Crédit Agricole’s CLSA late last month has been touted as China’s bold banking leap forward, but in truth much caution and a painstaking crawl to a successful conclusion has typified the deal.
The deal gives CITICS International its much desired foreign partner for raising capital outside China and, pending regulatory approvals, marks the first major acquisition by a Chinese securities firm of a Western brokerage.
Gide Loyrette Nouel (GLN) advised Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) in connection with the sale of CLSA to CITICS International, part of leading Chinese investment bank CITIC Securities Company (CITICS).
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