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Announcement of a partnership in global equity business
Paris, the 09 june 2011
Crédit Agricole Corporate & Investment Bank (“CACIB”) and CITIC Securities (“CITICS”) are pleased to announce a partnership in global equity business:
- CITICS will become a minority shareholder of CLSA and Crédit Agricole Cheuvreux (“Cheuvreux”) by taking a 19.9% equity stake in each. These investments will be purchased from CACIB, which will prevail as the controlling shareholder of CLSA and Cheuvreux.
- CACIB and CITICS share the same vision: a project to combine both CLSA and Cheuvreux to create a leading integrated cash equity global powerhouse with local presence to better serve their clients and investors around the world.
- CITICS’ investments underscore an important step between CACIB and CITICS and the two parties’ commitment to continue their dialogue to explore other areas or forms of business cooperation..