Reuters: Deals: Credit Agricole says Citic in talks to buy CLSA

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Credit Agricole says Citic in talks to buy CLSA Mar 29th 2012, 17:08 PARIS | Thu Mar 29, 2012 1:08pm EDT PARIS (Reuters) - Credit Agricole (CAGR.PA) said it is in talks to sell all of its CLSA brokerage brand to China's Citic Securities (600030.SS), in a change of strategy, and has dropped a second transaction to sell a stake in its Cheuvreux brokerage. The French bank had announced last June that it wanted to sell 19.9 percent holdings in both businesses to China's largest listed brokerage following more than a year of talks. Citic then agreed to pay $374 million for the two stakes, with the aim of uniting pan-European Cheuvreux with the more Asia-focused CLSA to tap into investment banking opportunities in the east and create a global brokerage platform. The move was part of a plan by Credit Agricole to refocus on its domestic French retail business and cut back on riskier investment banking and complex financial products. The change of plan came "in view of new developments in economic conditions and the recent discussions between the parties", Credit Agricole said in a statement. The companies aim to conclude talks "within a short timeframe", the French bank added. Citic had said in December that the initially planned deals would be completed in early 2012, rather than at the end of 2011, as it would take longer than expected to gain regulatory approvals.

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