China's Citic Securities is close to a deal to acquire Hong Kong-based brokerage CLSA Asia-Pacific Markets from France's Crédit Agricole following lengthy negotiations, people familiar with the matter said Friday.

The deal would mark the first major acquisition of a western brokerage by a Chinese securities firm and signals Citic Securities' ambition to compete head to head in Asia's capital markets.

Citic Securities to acquire CLSA from Crédit Agricole

The deal marks the first major acquisition of a western brokerage by a Chinese securities firm

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