Citic Securities (600030.SHA, 6030.HK) has agreed to take over Hong Kong-based brokerage CLSA from France’s Credit Agricola (ACA.EPA) for US$1.25 billion in two stages, The Wall Street Journal reported, citing an announcement by Citic. Ownership under the new agreement remains unclear; Credit Agricole owned 65% of CLSA with the other 35% belonging to employees. Citic’s takeover of CLSA will enable the brokerage firm to connect Chinese firms and Western investors, but the risk of a culture clash remains a concern. “The DNA of CLSA is to always be the insane asylum for people that can’t work in the mainstream industry,” said CLSA CEO Jonathan Slone. Regardless, Citic says it values CLSA’s business and will adopt a largely hands-off approach. The latest move in a global retrenchment at Credit Agricole, the agreement was fueled by the euro crisis as well as increasingly gloomy prospects for Western banks.