CITIC Securities to revamp China Securities

China's CITIC Securities Co confirmed media reports on Friday 12 August that it is teaming up with Jianyin Investment Ltd, an investment arm of the central bank, to restructure Beijing-based China Securities Co.

Citic Securities said its board of directors has approved a plan that calls for the two parties to establish a 2.7 bln yuan securities house with the securities-related assets of ailing China Securities.

Citic Securities said in a statement with the Shanghai Stock Exchange that it will