Banking News
- CITIC Securities to inject US$450m into unit
Date: 26-Nov-2007 Sources: (Shenzhen Daily)
CITIC Securities said Friday it plans to inject US$450 million into its unit, CITIC Securities International, to buy the remaining shares it does not already own and boost the unit's business.
CITIC Securities, the country's largest listed brokerage by market value, will pay up to US$25 million for a 11.61 percent stake in the unit, in which it already owns an 88.39 percent stake, Shanghai-listed CITIC Securities said in a statement. The company will also inject US$425 million into the unit to boost it business, particularly in asset management and investment banking.
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