China's CITIC, Credit Agricole in partnership talks

4th May 2010, Comments 0 comments

China's largest listed brokerage and French giant Credit Agricole said they were considering a tie-up that would focus on China and the Asia-Pacific.

CITIC Securities and the French bank signed a preliminary cooperation agreement on Monday, they said in a joint statement.

The two said such a deal would bring together their global equity brokerage and investment banking expertise.

It would allow them to establish "a global equity platform spanning Europe, Asia, and the US", Jean-Paul Chifflet, Credit Agricole Corporate and Investment Bank's chief executive, said.

CITIC Securities would become the Chinese joint venture partner of CLSA, Credit Agricole's Asia brokerage arm, for institutional brokerage and investment banking.

The companies did not disclose any financial details and said the transaction is subject to corporate and regulatory approvals, as well as consultation or consent of relevant third parties including employees.

In March 2008, CITIC pulled out of a cross-investment plan with US investment bank Bear Stearns as the troubled US giant was being sold at a fire-sale price to JPMorgan Chase.

© 2010 AFP

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