France’s Credit Agricole said on Monday that it had expanded its investment banking operations in China, while launching a new unit.
Named Credit Agricole (Beijing) Advisory Services, the unit began operations on March 10th and is led by Huai Yang, the bank said.
The new unit will specialize in cross-border merger and acquisition activities, covering purchases, disposals and capital raising.
According to Jean-François Deroche, Credit Agricole’s senior regional officer for Asia-Pacific, the “new strategic set-up will strengthen the bank’s capabilities to connect local and international clients to investment opportunities, both inbound and outbound, presented by the world’s second-largest economy.”
The banking group had previously served its China-based advisory clientele from its offshore base.
The shares of Crédit Agricole S.A. (CAGR) were last gaining 0.56% (EUR 0.06) to trade at EUR 10.00 in Paris, while snapping a three-day streak of losses.
The French banking group’s total market cap now stands at EUR 30.876 billion.
The shares of Crédit Agricole S.A. went down 21.67% in 2022, compared with a 9.50% loss for the benchmark index, CAC 40 (FCHI).