中国券商行业中最保守不住的秘密终于揭晓：中国收入及资产规模最大的券商中信证券(Citic Securities)，与法国东方汇理银行(Crédit Agricole)签署了一项具有里程碑意义的协议。
这是一份应该很快就会付诸实施的"谅解备忘录"。一旦获得国务院最高层级的批准，协议就将得到正式确认。
中信证券将与这家法国银行的欧洲和美国经纪业务在全球股本市场、衍生工具和投资银行业务领域展开合作。中信证券还将把境外分支机构与里昂证券(CLSA)合并。里昂证券是东方汇理旗下颇受好评的券商，总部位于香港。对里昂证券而言，此笔交易有可能让它在中国内地获得重大发展。如此一来，中信证券将取代湖南小型券商财富证券(Fortune Securities)，成为里昂证券现有中国合资企业的本土合作伙伴。这家合资企业主要经营机构和公司业务。
双方还须在高层任命和战略问题上做出重大决策，这意味着有可能出现意外分歧。不过，此笔交易应该会引起全球投资银行的关切。面对中国内地带有保护主义色彩的规定，除了少数明显的例外，大多数投行一直难以在中国拓展业务。摩根士丹利(Morgan Stanley)、摩根大通(JPMorgan)和花旗集团(Citigroup)等美国银行，正试图与中国政府认可的当地合作伙伴缔结协议。一家法国银行居然抢在了它们的前面，这只会加大它们的挫折感。
译者/功文
http://www.ftchinese.com/story/001032478
So the worst kept secret in Chinese stock broking is finally out. Citic Securities, the country's largest broker by revenue and assets, has inked a landmark deal with France's Crédit Agricole.
This is one 'memorandum of understanding' that should blossom immediately. Official confirmation of the tie-up awaited the rubber-stamp from China's State Council, effectively giving it the highest seal of approval.
Citic will collaborate with the French bank's European and US brokerage arms in global equity capital markets, derivatives and investment banking. It will also merge its offshore unit in to CLSA, Crédit Agricole's well-regarded Hong Kong-based brokerage. For CLSA, the deal has the potential to catapult its fortunes on the mainland. At a stroke, Citic will replace Fortune Securities, a small brokerage in Hunan province, as the local partner in CLSA's existing Chinese joint venture which focuses on institutional and corporate business.
Both sides still have big decisions to make on senior appointments and strategy, offering a window for unexpected disagreements. But the deal should make global investment banks sit up and notice. With a few noticeable exceptions, most have struggled to develop their mainland footprint in the face of protectionist regulations. US banks including Morgan Stanley, JPMorgan and Citigroup are trying to strike deals with local partners that are amenable to Beijing. That a French bank can steal their thunder will only add to the frustration.
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