Citic Securities is planning to sell a 51% stake in its wholly owned asset management firm, The Wall Street Journal reports. The Chinese securities firm seeks to raise around $1.16 billion from the sale of the stake in China Asset Management. Guangdong-based Citic is aiming to reduce its stake in the fund management firm to 49% to meet regulatory requirements. Citic Securities International, CCB International (Holdings), ICBC International Holdings, BOC International Holdings and Bocom International Securities are the banks that have been appointed for the share sale.
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