Bear Stearns, China's Citic to Invest in Each Other |
| Bloomberg - Oct 22, 2007 |
Bear Stearns Cos. and China's Citic Securities Co. agreed to invest $1 billion in each other in an alliance to pool their businesses in Asia.
Citic will buy the equivalent of 6 percent of New York-based Bear Stearns's shares as the banks collaborate to develop financial products and services in China, the companies said in a statement today. They will also form a Hong Kong-based joint venture to bring together their operations outside of China.
Bear Stearns, the fifth-biggest U.S. securities firm, fell as much as 37 percent this year in New York trading. The collapse of the subprime mortgage market hit the company harder than larger rivals, pushing two of its hedge funds into bankruptcy and eroding fixed-income revenue. Chief Executive Officer James ``Jimmy'' Cayne has been trying to invest in China, where the firm lags behind U.S. rivals, for more than a year.
Read Full Article from Bloomberg
- Posted: 2007-10-22 09:52:03
| More Stock Investor Place Financial News |
 |
|
|
|
| Stock Investor Place Financial News Archive |
|
|
|
