Citic expands further with US brokerage stake

Chinese investment bank Citic Securities (6030.HKG, SHA:600030) bought a stake in US brokerage firm BTIG, Bloomberg reported, citing a Sunday statement by BTIG that didn’t disclose terms. Citic is making the purchase through its CLSA unit, the Hong Kong-based business it bought from Credit Agricole SA (ACA:EPA) for more than US$1 billion to add traders mostly in Asia. New York-based BTIG, which has grown to more than 450 employees, said it will continue operating independently. Citic, China’s largest brokerage by market value, is expanding around the world.