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CICC, Galaxy Securities to merge to create China's third-largest brokerage

CICC, Galaxy Securities to merge to create China's third-largest brokerage

FILE PHOTO: Staff members are seen at a booth of China Galaxy Securities at the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 5, 2020. REUTERS/Tingshu Wang/File Photo

State-owned China International Capital Corp (CICC) is set to merge with its peer China Galaxy Securities, said five sources, in a deal that would create the country’s third-largest brokerage with $193 billion in assets.

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