CITIC unfazed by collapsed Bear deal

CITIC Securities said on Wednesday that it is still looking to invest in foreign banks, despite its recently collapsed US$1 billion-each share swap with now-defunct Bear Stearns, Reuters reported. CITIC announced Tuesday that it would abandon its planned cooperation with Bear Stearns after the subprime-battered American firm was taken over on Sunday by JPMorgan Chase. CITIC’s deputy manager said the firm’s Hong Kong unit would serve as the main platform for expanding overseas, but CITIC did not say whether investments would take the form of share swaps.