CICC snaps up China Investment Securities for $2.5bn

Beijing Financial Street_230px
By John Loh
07 Nov 2016

CICC is acquiring mainland rival China Investment Securities Co in an all-share deal worth Rmb16.7bn ($2.5bn), as the lender looks to scale up in wealth management and retail brokerage.

Chinese investment bank CICC said in a statement on November 4 that its board had approved an equity transfer agreement with Central Huijin Investment to buy 100% of CISC, following approvals by the Ministry of Finance.

Hong Kong-listed CICC will pay for the deal by issuing its domestic ...

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