Citic Securities Company Ltd has completed its acquisition 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.

中信证券完成并购里昂证券

中国最大的证券公司--中信证券 周四公告称，以约8.42亿美元净对价完成里昂证券80.1%的股权收购，加上此前收购的19.9%股权，中信证券已完成里昂证券的全资并购。不过因台湾当地监管规定，里昂证券目前的台湾业务暂未纳入此次并购范围。

公告称，里昂台湾业务将剥离给东方汇理银行所有，并在其旗下继续经营。中信证券子公司中信证券国际及东方汇理银行等约定，当台湾地区相关法规发生变化允许里昂证券控股时，里昂证券有权在两年内回购该业务。台湾地区业务的剥离，不会对里昂证券当前的整体运营构成重大影响.

公告称，基于剥离里昂台湾的安排，中信证券国际收购里昂证券80.1%股权的对价由原先的9.4168亿美元调整为8.4168亿美元。中信证券国际已于周三完成了里昂证券股权的并购。

在获得相关国家和地区的批准后，中信证券除了目前在中国内地及香港拥有的196个网点外，通过里昂证券网络，业务将覆盖美国、英国、日本、澳洲、新加坡、印度、韩国、菲律宾、马来西亚、印度尼西亚和泰国等主要市场，成为首家分支机构遍及全球的中国证券公司。

据中国证券报周四报导，由于中信证券和里昂证券的业务存在互补性，此次收购有利于互相取长补短，提供差异化产品和服务。中信证券有望通过里昂证券的研究及全球网络开展投行业务，而里昂则有望借助中信证券在中国市场的网络和影响力增加其在亚太地区的实力。

报导称，收购完成后，中信证券承诺保持里昂证券的日常独立运营, 里昂证券将定位为开拓中国以外的全球卖方中介业务。

近年来，国内证券公司国际化路径开始加速，不仅在香港设立分支机构，还通过并购跨越式推进。除中信证券以外，海通证券 收购了香港大福证券。

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