Citic Securities Said to Eye Opening German Office by Year End

Citic Securities Co. is planning to open a new office in Frankfurt by the end of the year to boost its investment banking coverage in Europe, people with knowledge of the matter said.

(Bloomberg) — Citic Securities Co. is planning to open a new office in Frankfurt by the end of the year to boost its investment banking coverage in Europe, people with knowledge of the matter said.

The new German office, which will be the Chinese brokerage’s second location in Europe after London, will be headed by Gian-Marc Widmer, according to the people. Widmer, Citic Securities’ head of investment banking for Europe, recently moved to the continent after spending almost a decade with the firm in Beijing, his LinkedIn profile shows.

Citic’s move follows domestic rival China International Capital Corp. which has offices in Frankfurt and London.

The move also aims to diversify the Chinese brokerage’s offerings and reduce its reliance on the initial public offering business in Hong Kong and mainland China, the people said, asking not to be identified discussing private information.

A representative for Citic Securities declined to comment.

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