Reported about 8 hours ago
China International Capital Corp (CICC) is planning to merge with China Galaxy Securities, a move that will establish the third-largest brokerage in China with assets totaling $193 billion. The merger, supported by Chinese authorities, reflects Beijing's strategy to strengthen domestic financial institutions against global competitors like Goldman Sachs. The deal, requiring regulatory approvals, follows a wave of consolidation in China's securities industry and comes amid ongoing economic challenges.
Source: YAHOO