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Citic To Sell China AMC Stake For $1.26B
Citic Securities is seeking to sell its stake in China Asset Management for $1.26 billion.
Citic Securitiesis seeking to sell its stake inChina Asset Managementfor $1.26 billion,Reutersreports. The China-focused international investment bank will divest a 51% interest in the asset management firm.
The ownership will be renounced in five tranches. The move is in compliance with regulatory requirements stating the stake owned by a single investor in a Chinese fund management firm cannot exceed 49%.
Click here for the story fromReuters.