China's securities regulator has approved China International Capital Corp.’s (CICC) acquisition of two smaller state-owned brokerages, creating an industry giant with more than 1.25 trillion yuan ($186 billion) in total assets.
The three-way merger marks a crucial step in Beijing’s state-backed campaign to consolidate a fragmented financial sector and forge globally competitive investment banks.
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CICC to Acquire Two Smaller Rivals to Create 1-Trillion-Yuan Brokerage
CICC Advances State-Backed Merger to Become China’s No. 4 Broker
