Credit Agricole in China deal
Credit Agricole, France’s third-biggest listed bank, said yesterday it has agreed to sell stakes in its CLSA and Cheuvreux brokerage brands to China’s Citic for a total amount of $374m (£228m). The deal comes as Credit Agricole embarks on a four-year plan to focus on retail banking in France and abroad to boost growth after the crisis cut short a push into investment banking and complex financial products. The aim is to unite pan-European Cheuvreux with the more Asia-focused CLSA to tap into investment banking opportunities in the east and to create a global brokerage platform.