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BIZCHINA / Center
CITIC Securities to merge fund firms
(Agencies)
Updated: 2007-09-13 10:02
CITIC Securities, China's biggest listed brokerage, said on Thursday it
would merge its two fund management firms to strengthen the business.
CITIC Securities said it had won regulatory approval to buy a 35.725
percent stake in China Asset Management Co from Southwest Securities Co.
The brokerage has said it would pay up to 400 million yuan (US$53
million) for the stake.
CITIC Securities said it would also buy 3.55 percent of China Asset
Management from another securities company, giving it 100 percent
ownership.
China Asset Management, the country's largest mutual fund provider, would
then absorb CITIC Fund Management Co, which is already wholly owned by
CITIC Securities.
The brokerage did not give further details of the merger but the official
Shanghai Securities News said Wang Dongming, chairman of CITIC
Securities, would also serve as chairman of the merged fund management
firm, underlining the importance of developing the business.
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(For more biz stories, please visit Industry Updates)
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