The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Asia: Patience pays off as Citic/CLSA makes its mark

Few thought that the marriage of a Chinese securities firm with an Asian brokerage which had a unique, and at times disruptive, culture could work. But two years on, Citic and CLSA have proved they can be at least the sum of their parts. Can the combination now become a true regional powerhouse as its leaders hope?

 

Arnold Schwarzenegger

To make the short walk between the headquarters of Hong Kong brokerage, CLSA, and its Chinese owner, Citic Securities International, you have to traverse two of the city’s busiest roads. This far from picturesque stroll through the middle of a concrete jungle is not likely to be recommended in many guidebooks. But while the often-gridlocked traffic of both Queensway and Connaught Road Central throws up a physical barrier between the two firms, it has failed to create a commercial one.

Citic Securities International, the global arm of Citic Securities, completed the purchase of CLSA midway through 2013, paying over a $1 billion for it, and bringing to a close a long courtship. Citic sealed the deal for the outstanding shares of CLSA after it had previously purchased a 19.9% stake in the company from former shareholder, Crédit Agricole, proving to the financial world in the process that Chinese players had ambitions beyond their home region.

Since the tie-up in July, 2013, Citic and CLSA have jointly worked on 39 deals, including 12 IPOs, three placements, 23 DCM transactions (raising over $9billion) and one M&A deal.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree