China’s soaring stock market is pushing the nation’s largest securities firm into expansion mode.
Bloomberg News reports that Citic Securities is in talks to acquire overseas foreign-exchange brokers, and has revived a plan to boost the number of its mergers and acquisitions bankers globally to at least 100 from 80, M&A head Zhang Jian said Thursday in a phone interview.
Citic needs more bankers because Chinese firms’ surging market valuations are fueling their appetites for purchases abroad. Adding foreign-exchange expertise could broaden Citic’s appeal as an international investment bank and help it make the most of the yuan’s increasing global role. Acquisitions would help the company to expand in Asia, the U.S. and Europe, Zhang said, without giving details of any talks.
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