Crédit Agricole’s hopes of creating a global brokerage business with China’s Citic Securities has been dealt a blow after it was disclosed on Thursday that Cheuvreux, its European brokerage arm, would be dropped from the deal agreed last summer.
No reason was given in a joint statement, other than that “new developments in economic conditions” had resulted in “a consensus ... to modify the transaction announced last July”.
One analyst said this suggested that the eurozone economic crisis might have made the Chinese bank wary of investing in a European brokerage house.
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