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Credit Agricole SA's Credit Agricole CIB Completes Sale of CLSA to CITICS for USD 841.68 Million

Wednesday, 31 Jul 2013 07:56am EDT 

Credit Agricole SA's Credit Agricole CIB and CITICS announced that all the conditions precedent to the acquisition of the remaining 80.1% stake in CLSA have been satisfied or waived. The acquisition was completed on July 31, 2013, making CLSA a wholly owned subsidiary of CITICS. Due to a change in the scope of assets and businesses in CLSA, the net purchase consideration that Credit Agricole CIB received on completion of this acquisition was USD 841.68 million, subject to adjustments in accordance with contractual terms with reference to the completion accounts of CLSA when these become available. CLSA's current business in Taiwan, which is not material to the overall business of CLSA as a whole, is excluded from this acquisition to comply with local regulations. The Taiwan business of CLSA will be retained by Credit Agricole CIB and continues to operate under its ownership. CITICS and Credit Agricole CIB have also agreed that, as and when any future changes in the relevant laws and regulations in Taiwan permit, CLSA has the right to repurchase the CLSA Taiwan business from Credit Agricole CIB within a period of 2 years.