China International Capital Corporation (CICC), a prominent investment bank in the country, has said it will acquire two smaller brokerages as part of a government push to create financial giants with global scale.
Under the deal, the state-owned CICC was set to absorb Dongxing Securities and Cinda Securities through a share-swap transaction, all three companies said in stock exchange statements filed late on Wednesday.
The three have combined total assets of just over Rmb1tn ($140bn) as of the end of September, according to exchange data compiled by Financial Times, making the proposed merged entity the fourth-largest brokerage in the country.
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