UPDATE 1-Citic Securities says completes acquisition of CLSA

Wed Jul 31, 2013 8:38am EDT

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HONG KONG/PARIS, July 31 (Reuters) - Citic Securities Company Limited has completed its acqusition of the remaining 80 percent stake it did not already own in brokerage CLSA, the Chinese securities company said in a Hong Kong Stock Exchange filing on Wednesday.

The stake was sold by French bank Credit Agricole, which is beating a retreat from international shores as it tries to preserve its balance sheet and recover from bad deals abroad.

The acquisition excludes CLSA's Taiwan business, which has been held up by regulatory concerns, the filing said. As a result, Citic is paying $841.68 million, compared with a original deal to pay $100 million more than that including Taiwan.

The deal, in the works for months, was held up in June as local regulators resisted the plan for China's Citic to own an entity on Taiwanese turf.

Taiwan contributes less than 5 percent to CLSA's overall revenues, a source previously told Reuters.

For Credit Agricole, the sale's completion represents the latest step in a plan to get back to its roots as a French retail bank, selling holdings in Greece and elsewhere and also scaling back its investment bank and brokerage businesses. (Reporting By Lawrence White and Christian Plumb; Editing by Keiron Henderson and Lionel Laurent)

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