Citic set to buy 10% stake in asset firm

Updated: 2013-05-23 14:47

(China Daily)

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Citic Securities Co Ltd - China's biggest brokerage - is to regain a controlling stake in a top fund management company, according to a filing submitted by the company to the Shanghai Stock Exchange on Wednesday.

Citic Securities plans to spend up to 2 billion yuan ($325.97 million) to buy a 10 percent stake in China Asset Management Corp from State-owned Wuxi Guolian Development Group. The deal will give Citic Securities 59 percent of China AMC, the securities company said.

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