Chinese brokerage Citic Securities has launched an investment banking platform, combining its bankers with those from CLSA, the Asian firm it acquired two years ago. The new venture, Citic CLSA Securities, has already set up offices in London and Sydney. Citic CLSA integrates investment banking operations at both firms and has more than 100 people on staff across 10 cities globally. The two firms said the new platform is intended to capitalize on increasing outbound Chinese investment and foreign investors seeking access to China. Last year, Citic Securities moved its equities underwriting business outside China into CLSA, but the Citic CLSA outfit will hold all investment-banking operations outside China at the two firms. Citic Securities’ acquisition of Asia-focused CLSA was one of the biggest overseas purchases by a Chinese securities firm.
