China’s state-owned investment company CITIC (600030.SH, 6030.HKG) inked a deal Monday with French bank Credit Agricole (ACA.EPA, ACA.BIT, XCA.FRA) to acquire Asian broker CLSA for US$1.25 billion, Reuters reported. Credit Agricole has not revealed the capital gain it will make from the sale. The transaction is part of a two-stage deal, first floated in July when CITIC acquired 19.9% of CLSA and contracted to buy the rest in the coming months, a statement from Credit Agricole and CITIC said. The first stage should close in mid 2013 but is still subject to regulator approval. The deal will improve the French bank’s solvency ratios as it receives the cash, which will streamline its balance sheet, analysts said. The sale follows a slew of international pullbacks by French banks amid the euro zone crisis.
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