Date
23 September 2017

Citic buys stake in US brokerage BTIG, WSJ says

CITIC Securities Co. Ltd. (600030.CN) has acquired a stake in US brokerage firm BTIG LLC, the company’s latest move to expand overseas, the Wall Street Journal reported Sunday.

China’s largest brokerage made the purchase through its Hong Kong-based unit CLSA Asia-Pacific Markets, which it bought from French bank Crédit Agricole for US$1.25 billion in 2013, the newspaper said.

Terms of the BTIG stake sale were not disclosed, although the US brokerage said it would operate as an independent unit and use the proceeds from the deal to expand its business.

BTIG has more than 450 staff in offices across the United States and in four locations around the world, the report said.

– Contact hKEJ at [email protected]

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